The use of offshore accounts to avoid taxes is not particularly new. However, in a globalized world, are they still a safe way for tax dodgers to hide their income? Check out some of these recent tax scandals to see.
Earlier this year, a set of documents known as the “Panama Papers” was released by an anonymous individual. These documents resulted in the financial exposure of thousands of individuals holding offshore accounts (with records dating back to the 1970s). The Panama Papers have since been used to reveal corruption scandals across the globe and have also illuminated the use of such accounts toward illegal means (including tax evasion).