The rich, as we well know, are different from you and me. They’ve got more money – plus a vast army of bankers, lawyers and tax experts to make sure they keep as much of it as possible out of the clutches of governments.
The Panama Papers, a massive leak of documents from the Panama-based law firm Mossack Fonseca, gave a detailed look at tax avoidance and evasion around the world. It showed how the global elite stash vast wealth away in tax havens, manipulating laws to avoid paying hundreds of billions of dollars in tax each year.
When the Panama Papers were revealed last year as part of a project coordinated by the International Consortium of Investigative Journalists, including the Star, the focus was on tax-friendly jurisdictions like Switzerland, Luxembourg and various sunny isles in the Caribbean.
Now it turns out we don’t need to look nearly so far. In a series of articles based on more documents from the 11.5 million in the Panama Papers trove, the Star’s Robert Cribb and Marco Chown Oved have shown that Canada, of all places, “is quietly emerging as a popular tax haven for the global elite.”
Those in the know apparently call it “snow washing” – taking advantage of Canada’s stellar reputation to make dodgy financial transactions look legitimate. (more...)
So, who thinks any of the "too big to fail" players will get nabbed?