Panama Papers Leak Puts Spotlight On Offshore Accounts

Law360, New York (May 2, 2016, 11:19 AM EDT) -- The Panama Papers leak last month is yet another reminder that U.S. taxpayers who are still using undeclared offshore accounts to hide wealth or avoid tax are at serious risk of discovery and should carefully consider disclosing their accounts before it is too late.

On April 3, the International Consortium of Investigative Journalists (ICIJ) reported that it had obtained millions of documents from Panamanian law firm Mossack Fonseca. The leaked documents identified more than 214,000 offshore accounts that government officials, celebrities, athletes and wealthy individuals and families in more than 200 countries used to conceal assets from tax authorities. ICIJ announced on...

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