News broke this month of an unprecedented data leak: Some 11.5 million documents containing detailed, confidential information about more than 200,000 offshore companies involved with Mossack Fonseca, a Panamanian law firm, had fallen into the hands of the International Consortium of Investigative Journalists via an anonymous informant. Collectively known as the Panama Papers , the files revealed just how widespread the abuse of offshore tax havens is among the world’s elite politicians and business people. Still, myths persist about the supposed benefits of offshore tax havens, both for the countries that stash wealth there and for the havens themselves. Here are a few:
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