The revelation of the “Panama Paper”, which leaked the information of thousands of offshore bank accounts and tax havens used by many powerful people, has shocked the world. At first glance because of the sheer magnitude of the information found (2.6 terebytes of data) but also because of what this reveals about the worlds political and social leaders.  Although having an offshore bank account is not in and of itself illegal, many people use it to avoid paying taxes or other things, and so everyone with accounts is being called into question.

The first leader to be affected is the prime minister of Iceland, Sigmundur David Gunnlaugsson, who was forced to resign, yet there are surely many to follow. The discovery of the Panama Papers has impacted the world because it has exposed a secret realm where the rich and powerful continue to benefit while the average citizen suffers because of their selfishness. Tax evasion affects the whole nation, because citizens are no longer able to benefit from the programs and resources that the government could have offered with those paid taxes. We must also keep in mind that this manipulation of money also affects the economy as a whole. It is disappointing to see just another way that the world’s elite are selfishly taking advantage of others and I think that there should be consequences to pay for those who have been involved in these secret activities, including the banks involved.

view the full article here: http://www.nytimes.com/2016/04/06/opinion/the-panama-papers-sprawling-web-of-corruption.html?ref=world

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