Apr 6, 2016

AFP: London is center of 'spider's web,' 'Panama Papers' reveal

Talk of the world, the 'Panama Papers'

From Agence France-Presse (AFP)"

Panama Papers reveal London as centre of 'spider's web'

James Pheby
April 6, 2016

London (AFP) - As-well as shining a spotlight on the secret financial arrangements of the rich and powerful, the so-called Panama Papers have laid bare London's role as a vital organ of the world's tax-haven network.

The files leaked from Panama law firm Mossack Fonseca exposed Britain's link to thousands of firms based in tax havens and how secret money is invested in British assets, particularly London property.

Critics accuse British authorities of turning a blind eye to the inflow of suspect money and of being too close to the financial sector to clamp down on the use of its overseas territories as havens, with the British Virgin Islands alone hosting 110,000 of the Mossack Fonseca's clients. Read the rest of James Pheby's report for AFP at

DZ staff note: Recommend 1993 book "Spider's Web: The Secret History of How the White House Illegally Armed Iraq" by Alan Friedman.