BERLIN — A European Union official threatened Thursday to sanction Panama and other nations if they don’t cooperate fully to fight money laundering and tax evasion, after a leak of data showed the small country remains a key destination for people who want to hide money.
The 11.5 million documents from Panamanian law firm Mossack Fonseca showed it helped thousands of individuals and companies from around the world set up shell companies and offshore accounts in low-tax havens.
Because such accounts often hide the ultimate owner of assets, they are a favored tool to evade taxes, launder money or pay bribes.
[…] the …read more
Source: San Francisco Chronicle
