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

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