The Paradise Papers have shed new light on the murky world of offshore finance, revealing the arcane schemes used by the world’s wealthiest individuals and corporations. Heads of state, technology giants and government officials are among those whose interests in tax havens have been brought into the cold light of day. Not everyone named in the leaks was using offshore structures to avoid tax. And though it is increasingly controversial, going offshore to avoid tax is not against the law. But as Barack Obama said of the Panama Papers a year ago: ‘A lot of it’s legal, but that’s exactly the problem.’

Source: The Guardian November 11, 2017 06:00 UTC