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Lessons we have learned from the Panama Papers leak

If you’ve had an eye on the news lately, you will certainly have heard about the Panama Papers leak and the huge effect they have had, especially in the UK. If you’re not fully up to speed with the leak, what they have revealed, and how you can take steps to make sure you’re never kept in the dark about assets or wealth, here’s everything our private investigators think you need to know.

What exactly are the Panama Papers?

In early April 2016, documents known as the ‘Panama Papers’ became available to the public and were splashed across the front of newspapers across the world. These documents were packed with details about high profile people and companies who had been keeping money and other financial assets in offshore accounts in Panama, in order to avoid paying the necessary amount of tax in their home countries. They gained mass media attention in the UK, as it was revealed that many public figures (including the Prime Minister) had benefited from using the scheme.

What do they mean for the general public?

Reactions to the Panama Papers were strong, as it appeared that the public were expected to pay their taxes without question, while members of the government were finding ways to get around their tax bill by hiding their assets from public knowledge. On a more personal level, the revelations probably made everyone sit up and take notice about whether this was an issue affecting them in their work or domestic lives. Perhaps family members, spouses, business associates, or investors have not been totally truthful about their assets or financial situation, and this could have a number of consequences for you. For example, if you are in the process of getting divorced, your ex-spouse could be hiding financial assets from you in order to have to pay a smaller settlement to you, or to receive more money from you. If you’re working with a business partner who is hiding their assets, you could be just as implicated in any wrongdoing when the truth reveals itself. Hiding finances and assets can mean you are either not receiving money you are rightly owed, or that you could find yourself in a huge amount of trouble if someone is not being entirely truthful. Neither case is appealing – so what can you do to make sure you never find yourself struggling with either?

How can we make sure nothing like this happens to us personally?

In a perfect world, anyone we are working with or personally involved with would always be totally open and honest about their finances, especially if you’re in a situation where you now have a right to know everything about their background. However, as has been proven by the Panama Papers, that’s not always the case.

Asset tracing is definitely the most effective way to find out the truth if you suspect someone is hiding information about their finances.

A private detective will carry out the asset tracing process in order to determine where assets are being held overseas, or simply in different bank accounts that you’re not aware of. When we discover the truth, we can give you all the facts and figures you need in a professionally presented format, ready for you to use as proof in the necessary proceedings that will follow these revelations – including court cases. If you need our team here at Global Investigations to carry out asset tracing on your behalf, please contact us so we can discuss your case and decide on the best course of action.

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