CRA reviewing Panama Papers

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Revenue Canada has been instructed to get a hold of the so-called “Panama Papers”, and to start reviewing it’s leaked details.
Governments across the world began investigating possible wrongdoing by the rich and powerful, after documents from a Panamanian law firm were leaked, detailing alleged offshore accounts and tax shelters. The papers also reveal suspected cases of money laundering, sanctions evasion and tax avoidance. The hidden identities of some 350 Canadians are contained in the private data, and Canada’s largest bank, RBC has also been associated with the registered shell companies.

Thousands gathered in Iceland yesterday, calling for the Prime Minister to resign after he was linked to some detailed tax heavens. He denied any illegal involvement, but resigned today. In Argentina, President Mauricio Macri was also among those named in the documents. He said in a statement yesterday, he was part of a “legal operation” when he was moonlighted as director of an offshore company in the Bahamas. And in France, President Francois Hollande says his country will investigate the documents, and that possible cases involving French individuals will be brought to justice. Several-hundred French citizens are reportedly among the individuals mentioned.

The head of the Panama-based law firm at the centre of the leak denies any wrongdoing, saying his firm has fallen victim to “an international campaign against privacy.” He says the “vast majority” of the offshore companies set up by his firm were for “legitimate purposes.”