Panama: The Hidden Trillions | by Alan Rusbridger | The New York Review of Books: "Gradually, a picture emerges of how the substantial mechanisms of offshore tax avoidance work. The rich person with money to hide would generally contact Mossfon via an intermediary—a bank, a lawyer, or an asset manager. These were Mossfon’s “clients,” the ones who ordered up an off-the-peg offshore company in the British Virgin Islands, Bermuda, the Bahamas, or elsewhere. Mossfon would then appoint directors to look after this company. These directors, uniquely in the world of high finance, appeared to have few qualifications for the job.
'via Blog this'