This weekend, 11.5 million files were leaked from Panama-based law firm Mossack Fonseca. They have been dubbed the “Panama Papers.”
The documents include sensitive financial information, and apparently implicate 72 former or current heads of state. Among them is David Cameron, who has admitted to profiting from his father’s offshore trust Blairmore Holdings, which is alleged to have paid no British tax for thirty years after its foundation in the early 1980s. Elsewhere, Iceland’s Prime Minister stood down on 5th April after the Papers revealed his wife owned an offshore company with multimillion-pound claims on three Icelandic banks that have collapsed in recent years.
Tax evasion is often viewed as being morally problematic. But will tax havens always exist? If so, how can we ensure that people pay their fair share? Experts offer their views.
Tell us something we don’t know
Giles Wilkes, writer for the Financial Times