EU: Panama Papers structures holding an estimated €200 billion in owed taxes

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The infamous Panana Papers leak that shocked the offshore world last year has led to a year-long enquiry funded by the European Parliament. The leak approximated that tax mitigation schemes revealed from law firm Mossack Fonseca’s documentation, resulted in €170 billion of lost tax that should have been paid to EU member states. However more recent research shows that the figure is most likely closer to €240 billion. It recommends additional curbs on the activities of offshore financial centres, in particular through the establishment of public registers of beneficial ownership, and lists of non-cooperative jurisdictions.