“The last major holdout that continues to allow funds to be hidden offshore from tax and law enforcement authorities”. This was how the Organisation for Economic Cooperation and Development (OECD) described Panama following the biggest leak of secret documents in history - some 11.5m financial and legal records. Exposing the internal operations of Mossack Fonseca, a Panama-headquartered law firm dedicated to the incorporation of offshore entities, the so-called Panama Papers is proving highly embarrassing for the global elite and has already forced one leader to resign (Iceland’s prime minister Sigmundur Gunnlaugsson). It has also subjected fiscal transparency efforts by President Juan Carlos Varela’s Partido Panameñista (PPA)-led El Pueblo Primero (EPP) coalition government to unprecedented international scrutiny.End of preview - This article contains approximately 918 words.
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