THE PANAMA PAPERS_ How Panama became a tax haven to the world

USA TODAY

How Panama became a tax haven to the world

Alan Gomez, USA TODAY
1:26 p.m. EDT April 10, 2016



Part of the Panama City skyline shows the wealth that has been created, in part, by tax havens that allow the world's wealthy to hide their assets through off-shore accounts.(Photo: Joe Raedle, Getty Images)

MIAMI — Anyone familiar with Panama's economic history isn't surprised by revelations of shell companies and hidden assets created by a law firm based in the small nation.

"I've been screaming about it for decades," said Jack Blum, an attorney and former U.S. Senate staffer who focused on international tax evasion.

In fact, Panama has been a widely used tax haven for nearly a century, a practice that goes all the way back to U.S. industrialist John D. Rockefeller that has evolved into a complex relationship between the country's banking, legal and financing sectors. That long, secretive history came crashing out this week with the release of the Panama Papers, which revealed exactly how Panama has created conditions for foreigners to hide their assets through corporations there.

The influx of foreign cash to take advantage of that system is so big that Panama's financing sector accounts for 7% of the country's entire GDP.

"You can walk into a bank there with a stack of U.S. money and they just say, 'Fine,'" Blum said. "This has been going on for so long, and is so obvious and problematic, that the question is, 'How come nothing was done about it before?'"

READ MORE: http://www.usatoday.com/story/news/world/2016/04/09/panama-papers-offshore-accounts-mossack-fonseca/82763268/

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"You can walk into a bank there with a stack of U.S. money and they just say, 'Fine,'" Blum said. "This has been going on for so long, and is so obvious and problematic, that the question is, 'How come nothing was done about it before?'"

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This is an interesting question .

What do YOU think?

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