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ARTICLE · 26 APRIL 2016

The Panama Papers: Taxpayer Alert

Miller Thomson
Miller Thomson
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In the weeks to come, we can expect to read and hear plenty more about this mammoth data dump of over 11.5 million documents.

CanadaTax
David Chodikoff
David Chodikoff
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By now, many Canadians have heard of the Panama Papers. If you have not heard about the April 3, 2016 simultaneous global news release, by a large network of international media partners, related to the work of the International Consortium of Investigative Journalists ( "ICIJ"), you are about to. In the weeks to come, we can expect to read and hear plenty more about this mammoth data dump of over 11.5 million documents. The ICIJ, the German newspaper Süddeutsche Zeitung and more than 100 other news organizations have been poring over these documents as part of a year-long investigation.

What we do know at this early stage is that the files reveal the offshore financial holdings of over 140 politicians and public officials from around the world. The data reveals more than 214,000 offshore entities. The documents show how there is a global industry that sells financial secrecy to anyone that can afford it.

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