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Paradise Papers show nothing much has changed

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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 last April's Panama Papers, which uncovered what looked like massive tax evasion and money laundering.

The Organisation for Economic Co-operation and Development (OECD) estimated that such tax dealings could amount to around 4 per cent to 10 per cent of global tax each year.

This translates into a loss of tax revenue of anywhere between €100 billion (S$160 billion) to €240 billion.

Loss of revenue from individuals keeping their money in offshore trusts or hiding of assets sheltered by bank secrecy........

© The New Paper