Trillions of Euros in secret accounts at the expense of normal tax payers: The "Offshore Leaks" scandal threatens to rock the boat for world's wealthy and big banks.
The international journalists' network ICIJ has evaluated secret documents and has come to the conclusion that West African countries lose millions in unpaid taxes because the money is diverted elsewhere.
The EU will shortly publish a tax haven blacklist, part of a strategy to deal with the issue of global tax avoidance and evasion. The charity Oxfam has its doubts though, and has published a list of its own.
The new leaks of financial records illustrate how powerful individuals and companies across Africa use offshore havens to not only avoid paying taxes, but also to hide bribery and illegal dealings.
The Paradise Papers have shown that many Germans are among those who park their money in tax havens. They may have done so legally, to cover up illegal business deals, or simply to benefit from tax avoidance schemes.
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