A huge leak of financial documents revealed by a group of about 100 media organizations on Sunday provided deep insights into some of the mechanisms used by top politicians and celebrities to escape paying taxes.
Offshore funds are often used to avoid paying high taxes, and their use is not necessarily illegal, though when they are being used by the same people who set those tax rates, it tends to raise eyebrows. The majority of the people featured in the leaks come from the United States, followed by Britain.
What do the ‘Paradise Papers’ reveal?
The concealing of the wealth of billionaires, politicians and at least one head of state in offshore accounts comes as a major embarrassment to the people included in the documents.
The material could also end up being used as evidence in investigations looking into links between members of the Trump administration and entities affiliated with the Russian government.
In Britain, the revelations could support accusations that the ruling Conservative Party indirectly benefited from some of the offshore tax haven funds it has publicly condemned, which could add to the mounting pressure on Prime Minister Theresa May, who has struggled to deal with multiple scandals recently.
Read the whole story from The Washington Post.