Offshore Secrets Revealed

As we have learned from the infamous Panama Papers, there are several building blocks in the process that leads money to disappear into offshore tax havens: the individuals or firms who benefit, the so-called "enablers", the offshore vehicles (private companies created in tax havens), and of course the money itself. Hannes Wagner, Associate Professor of Finance at Bocconi, helps us understand the mechanism in the latest episode of the Clarity in a Messy World podcast series, "Offshore Secrets Revealed."

Professor Wagner warns against considering the Panama Papers a closed book, especially in light of the COVID crisis. "Governments are relatively weak in their oversight," he says, "and we are in an extreme situation because of the COVID crisis. While governments try to do the right thing, they are up against very sophisticated crooks and criminals, who operate globally - so it's really not a very fair game."

Clarity in a Messy World, hosted by David W. Callahan, is the Bocconi podcast that looks at the causes behind the most confounding issues of our time. You can follow the podcast on Apple Podcasts, Google Podcasts, Spotify, Spreaker, and YouTube.