Paradise Papers reveal lack of reform

London

REVELATIONS from the Paradise Papers affair, stemming from the leak of confidential documents from law firm Appleby, are raising controversy about the extent of potentially questionable dealings in offshore financial centres. They follow April 2016's Panama Papers, which uncovered what looked like massive tax evasion and money laundering.

The Organisation for Economic Co-operation and Development estimates that such tax dealings could amount to around 4-10 per cent of global tax each year. This translates into a loss of tax revenue of anywhere between 100-240 billion euros (S$160-383 billion).