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The millions of e-mails, financial spreadsheets, and corporate documents that were leaked last week disclosed that many famous public figures, politicians, and executives used tax havens in different countries to cheat taxation. The tax havens include Luxembourg, the Seychelles, Panama and others.
Experts say that there are about $20 trillion in assets which are hidden in countries offering tax avoidance and confidentiality to bank account owners.
As for Swiss banks, they have been guaranteeing confidentiality since the French Revolution of 1789 for those who wanted to hide their money. Monaco started to offer such services from the time that casinos began to bring ... (read more)