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| For US Tax Cheats, Panama Papers |
| For US Tax Cheats, Panama Papers Reveal A Perilous New World
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| UNITED STATES OF AMERICA
, 9-April-2016
5:35:20 AM |
| For wealthy Americans trying to conceal their cash, stashing millions of dollars away in secret offshore shell companies is not as simple as it used to be.
International laws, whistleblower bounties and embarrassing data breaches such as the one being dubbed the Panama Papershave made the lives of would-be U.S. tax cheats increasingly perilous, according to tax lawyers and former government prosecutors and investigators.
"If you are someone with serious money and you want to hide it from the government, you have a good reason to be nervous," said Daniel Reeves, who founded the offshore compliance division of the Internal Revenue Service and now works as a tax compliance consultant. "Today, there are many different ways people can find out about your activities. It's not the same world of secrecy."
Reeves and other offshore experts say they are not surprised by the paucity of Americans in the massive data leak of 11.5 million records that has unmasked accounts belonging to world leaders and a rogues gallery of international criminals.
Panama, the base of operations for the law firm at the center of the unfolding financial scandal, has never been a favorite place for Americans to hide their money. The nation's reputation for bank fraud and drug smuggling has prompted U.S. citizens to send their money to more stable shores and nations, including the Isle of Man, the Cayman Islands and Switzerland, according to the offshore experts.
One of the founders of the Panamanian law firm, Mossack Fonseca & Co., had another explanation for the dearth of U.S. names in the data leak. He and his business partner have never courted U.S. clients.
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