One year on from the scandal of the Panama Papers

This week marks one year since the publication of the Panama Papers when 11.5 million documents were leaked from Panamanian law-firm Mossack Fonseca to the International Consortium of Investigative Journalists.

The papers revealed how shell companies and anonymous trusts are used to hide the profits of tax evasion, trafficking, corruption and other crimes.

The revelations prompted over 150 official inquiries, audits or investigations in over 79 countries around the world. However, the disappointing reality is that one year later, the global tax system remains full of murky corners and gaping loopholes.

Source: Irish Times