It what most likely to be the largest leak of its type to date millions of banking records dating back as far as 1977 have been leaked from Panama which is a popular offshore banking centre.
Millions of Canadians hide wealth offshore. While many times it’s legal because of very weak laws, essentially the spirit and purpose of the offshore banking is to cheat Canadians of tax income from its wealthiest corporations.
Estimates of as much as $8B per year in lost tax revenue have been estimated.
While the heat right now seems to be focused on Russian leader Vladimir Putin and his circles clearly people of many nations including Canada are on the list.
A consortium of media outlets essentially have a monopoly on the information and the world as at their leisure for what info comes out. In Canada that outlet is the CBC who today published some weak pabulum as to why they haven’t published all Canadian names found on that list as of yet.
The documentation provided to CBC News includes the names of some 450 Canadians who have set up these offshore accounts or holdings. We have already reported details concerning one such account-holder and expect to produce more such reports in the weeks and months to come.
At the same time, we are mindful of the reality that holding an offshore account is not evidence of wrongdoing and may not be controversial. So we are not simply reproducing the raw information we have received through the consortium. Our journalists are working through that information in a careful and methodical way to confirm the information received, identify appropriate stories, and complete them with appropriate context.
The CBC of course is a public broadcaster funded by Canadian taxpayers. The information most likely was not acquired legally and there are many questions as to how this consortium is handling this information which can be very damaging. A lot of favors can be earned and payback can be administered as well.
For example under the former government the CBC’s very existence was threatened while the current one is more favorable and supportive. Could certain Liberals on the list get the soft treatment while Harper supporters get the high hard one?
Should this information simply be made public for the public and media to sift through? Who really owns it other than the firm it was leaked from?
While the ramifications and ripples from this could be massive conspiracy theorists will have a field trip on various theories such as payback against Russia for it’s role in Syria and the geopolitical games surrounding oil and its pricing.
What do you think dear CFN viewers? You can post your comments below.