Pandora Papers: EU commission reacts after huge financial data leak reveals tax secrets of the rich

EU commission reacts after leak of the 'Pandora Papers' reveals tax evasion. The dump of more than 11.9 million files has turned up the heat on elites from King Abdullah of Jordan to the alleged mistress of Russian President Vladimir Putin. Donald Trump is mentioned due to his involvement in a Panama hotel project, but the Pandora documents don't appear to reveal significant new information about his accounts. Financial experts say that the absence of many of America's wealthiest elites comes down to a lack of incentive due to the generous rates they pay domestically. Other experts speculated that it may also be that they use different havens, such as the Cayman Islands, which weren't reflected in the papers. But if American people are absent from the list, the United States themselves are not. South Dakota in particular has become a new hub for opaque financial dealings, rivalling the likes of the British Virgin Islands and Switzerland. Trusts in the state have quadrupled in size in the space of ten years to $360 billion thanks to laws which protect assets from any civil claims such as divorce. Original Article: http://www.dailymail.co.uk/news/article-10055975/Americas-wealthiest-not-listed-Pandora-Papers-Snowden-mocks-leak-lack-security.html Original Video: http://www.dailymail.co.uk/video/news/video-2516775/EU-commission-reacts-Pandora-Papers-reveal-tax-evasion.html Daily Mail Facebook: http://facebook.com/dailymail Daily Mail IG: http://instagram.com/dailymail Daily Mail Snap: https://www.snapchat.com/discover/Daily-Mail/8392137033 Daily Mail Twitter: http://twitter.com/MailOnline Daily Mail Pinterest: http://pinterest.co.uk/dailymail Daily Mail Google+: https://plus.google.com/+DailyMail Get the free Daily Mail mobile app: http://dailymail.co.uk/mobile