Stiglitz quits Panama Papers probe, cites lack of transparency

The committee set up to investigate lack of transparency in Panama’s financial system itself lacks transparency, Nobel Prize-winning economist Joseph Stiglitz told Reuters on Friday after resigning from the “Panama Papers” commission. The leak in April of more than 11.5 million documents from the Panamanian law firm Mossack Fonseca, dubbed the “Panama Papers,” detailed financial information from offshore accounts and potential tax evasion by the rich and powerful. The Panama Papers cover a period of almost 40 years, from 1977 until December 2015, and show that some companies set up in tax havens with the help of Mossack Fonseca may have been used for money laundering, arms and drug deals as well as tax evasion.

— source uk.reuters.com