These Wealthy Figures May Be Hiding Cash Overseas, Leaked Documents Show

A treasure trove of documents were leaked to various news outlets showing where the world's richest figures hide their money.

The 11 million plus documents are from Panama law firm Mossack Fonseca, though it's unclear who leaked the files. The leak suggests some high-profile figures may be hiding money in offshore accounts.

Soccer star Lionel Messi was referenced in the documents. "We've known for a while that he's been under investigation by Spanish authorities for tax evasion," said Crawford Spence, a professor at the University of Warwick, based in the UK. "What the report says is that he's possibly been doing this via an offshore company that has been registered or at least incorporated in Panama."

Meanwhile, some of Russian musician Sergei Roldugin's finances came to light in the documents.

"This Russian cellist has a lot of money hidden offshore -- we're talking about millions of dollars," Spence said. Reports suggest Roldugin is best friends with Russian President Vladimir Putin.

"Illusions have been made that this leads back to Vladimir Putin, but I haven't seen anything as of yet that directly connects this back to Putin," Spence said. Putin is not specifically mentioned in the documents.

Ian Cameron, the father of UK Prime Minister David Cameron is also referenced in the leaked documents.

"Ian has been shown to be linked to a wealth fund that's registered in Panama that hasn't paid a penny of tax on its UK profits in over 30 years," Spence added.

The report raised eyebrows as David Cameron has publicly called for the UK to crack down on those who evade taxes.

Given the murky nature of tax law, it's unclear which activities are illegal versus morally unethical.

"I don't envy the work of tax authorities and regulators because trying to unpack what is legally acceptable from what is morally acceptable is often very difficult because of the complicated nature of tax law," Spence noted.

By Scott Gamm

Source :http://www.thestreet.com/story/13517681/1/leaked-panama-documents-may-show-how-the-world-rsquo-s-wealthiest-stash-money.html