Jump to content
Your browser is out of date. It has known security flaws and may not display all features of this websites. Learn how to update your browser[Close]

Tax havens


Panama Papers data confirms Swiss links


 See in another language: 1  Languages: 1

A vast trove of data linking shell companies with tax havens has highlighted the role played by Swiss banks and financial intermediaries in concealing the fortunes of the wealthy from prying eyes.

More details from the so-called Panama Papers were released on Monday by the International Consortium of Investigative Journalists (ICIJ). The documents were leaked from the Panamanian law firm Mossack Fonseca.

The papers show that 1,339 Swiss lawyers, financial advisors and other middlemen had set up more than 38,000 offshore entities over the last 40 years. These entities listed 4,595 officers – or administrators – that are also connected to Switzerland.

While the use of offshore entities is not in itself illegal, the revelations from the Panama Papers have already resulted in a raid by Swiss prosecutors on European football’s governing body UEFA and an official investigation by the authorities in Geneva.

But some Swiss lawyers have hit back, saying that the documents provide no proof of wrongdoing. Swiss Finance Minister Ueli Maurer has also gone on record to say Swiss law does not need changing with regards the regulation of offshore entities.

Earlier on Monday, 300 economists signed an open letter denouncing offshore trusts and shell companies as serving “no economic purpose” other than to provide a veil of secrecy for the wealthy. The letter urged world leaders to crack down on the secretive offshore financial world.


swissinfo.ch

Copyright

All rights reserved. The content of the website by swissinfo.ch is copyrighted. It is intended for private use only. Any other use of the website content beyond the use stipulated above, particularly the distribution, modification, transmission, storage and copying requires prior written consent of swissinfo.ch. Should you be interested in any such use of the website content, please contact us via contact@swissinfo.ch.

As regards the use for private purposes, it is only permitted to use a hyperlink to specific content, and to place it on your own website or a website of third parties. The swissinfo.ch website content may only be embedded in an ad-free environment without any modifications. Specifically applying to all software, folders, data and their content provided for download by the swissinfo.ch website, a basic, non-exclusive and non-transferable license is granted that is restricted to the one-time downloading and saving of said data on private devices. All other rights remain the property of swissinfo.ch. In particular, any sale or commercial use of these data is prohibited.

×