German paper: Massive financial leak reveals offshort accounts

April 3, 2016 9:09 PM

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A massive, anonymous leak of financial documents from a Panamanian law firm has revealed an extensive worldwide network of offshore “shell” companies — including ones with ties to Russian President Vladimir Putin — that allow the wealthy to hide their assets from taxes and, in some cases, to launder billions in cash, a German newspaper alleges.

The data reveal details of secret offshore companies linked to families and associates of Egypt's former president Hosni Mubarak, Libya's former leader Muammar Gaddafi and Syria's president Bashar al-Assad, among others.

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