Monday, May 9, 2016

The secrecy specialists behind Panama Papers’ Canadian offshore dealings

The Panama papers reveal convicted Edmonton fraudster Michael Ritter, now
known as Adam Rohan, created 60 offshore companies.
Wealthy Canadians whose offshore accounts were exposed in the Panama Papers got there with a lot of help.

A sprawling industry of tax avoidance professionals — lawyers, financial planners, bankers and accountants — make a living advising the rich how and where to find places to lighten, or even eliminate, their tax responsibilities in Canada.

They are the enablers.

They facilitate a torrent of money out of Canada and into tax havens — a sum estimated to be $100 billion more than the $270 billion that has been officially declared to the government.

An ongoing Toronto Star/CBC investigation into tax havens, based on 11.5 million leaked records belonging to the Panamanian law firm Mossack Fonseca, reveals a sophisticated and sometimes shadowy network of wealth managers who’ve been setting up offshore corporations since the 1970s.  (more...)

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