Panama Papers: 'It's the shadow banking system' says Richard Poplak

Daily Maverick's Richard Poplak, journalist and author, weighs in on one of the biggest data dumps in the world.

We've always known and there has been some small instances of proof of how the wealthy and the powerful secure money away in tax havens, but nothing on this scale...and what this suggests to us, is how the shadow banking system works in the world. It reveals to us now, without any doubt whatsoever, that there is a dark banking system behind the financial system little people like you and I are told exist.

Richard Poplak, Daily Maverick

The rich and the powerful are securing their billions in tax shelters off-shore, exploiting loopholes and very often acting illegally.

Richard Poplak, Daily Maverick

And indeed it happens all over the world, says Poplak.

This is systemic. It runs through the entire financial system, and powerful people like the Zumas are just as ensconced in it as anyone else.

Richard Poplak, Daily Maverick

Recommended

by NEWSROOM AI
Read More
Major medical breakthrough: New gene pegged as cause of heart attacks in youth

Major medical breakthrough: New gene pegged as cause of heart attacks in youth

This is being called the biggest medical advancement in South African cardiology since Dr Chris Barnard's first heart transplant.

Parents urged to check tertiary institutions are legit before registering kids

Parents urged to check tertiary institutions are legit before registering kids

The Council on Higher Education says parents need to be wary of the increasing number of fly-by-night tertiary institutions.

New app to detect hearing loss

New app to detect hearing loss

University of Pretoria has developed a new app which uses a smartphone to detect hearing loss.

What we can expect from SABC after inquiry consolidates

What we can expect from SABC after inquiry consolidates

SABC's leadership and parliament has come under fire since the inquiry into the board's fitness to hold office.

LISTEN: Radio veterans, Gordhan, sports stars, celebs say bye to John Robbie

LISTEN: Radio veterans, Gordhan, sports stars, celebs say bye to John Robbie

John Robbie's 30-year run in radio has come to an end with friends, callers and colleagues wishing him a heartfelt goodbye.

2016 news wrap: A look back at the stories that grabbed SA's attention

2016 news wrap: A look back at the stories that grabbed SA's attention

Barry Bateman spoke to Stephen Grootes to unpack the meaning behind the stories that dominated the headlines in 2016.

Popular articles
More arrests are imminent in connection with the cash-in-transit heists - Hawks

More arrests are imminent in connection with the cash-in-transit heists - Hawks

Seven suspects were arrested in Limpopo in less than 24 hours after a cash-in-transit vehicle was blown up in the province.

Consumers beware of illegal, deadly weight-loss products

Consumers beware of illegal, deadly weight-loss products

Consumer journalist Wendy Knowler and a medical testing expert put several harmful weight-loss products under the microscope.

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)

Criminals targeting homes with aluminium windows, warns neighborhood watch

Criminals targeting homes with aluminium windows, warns neighborhood watch

The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.

5 contributing factors to the Western Cape's growing green economy

5 contributing factors to the Western Cape's growing green economy

GreenCape CEO Evan Rice unpacks why our province is seeing a great deal of success with sustainable energy projects.