The country of choice for secret offshore accounts opened by Panamanian lawyers is a small island nation, the British Virgin Islands. That information comes from a new report Monday by the International Consortium of Investigative Journalists. A consortium is a group of people who work together on a project. The consortium looked into documents that showed about 200,000 offshore businesses created for wealthy people by the Mossack Fonseca law firm in Panama. Some information was released last month. The documents, obtained from the law firm by a person known as “John Doe,” is called the “Panama Papers.” Panama is the home of Mossack Fonseca. John Doe is a name used by people who don’t want others to know who they are. Is is called an alias, or another name a person uses. The consortium said the Panamanian law firm set up shell companies, or companies for which there is very little information. There is very little business activity in a shell company. These were set up for wealthy people in countries to hide their money. More than 50 percent of the offshore businesses in the consortium’s large database were registered in the British Virgin Islands.
Title: Panama Papers Show 200,000 Offshore Accounts
Content: <div id='article-page'><div id='article-content' data-media-url='//news-app-staging.s3.amazonaws.com' data-base-url='//news-app-staging.herokuapp.com' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/pan_audio.m4a' data-capture-url='//staging.analytics.lingraphica.com/events/capture_news' data-article-title='Panama Papers Show 200,000 Offshore Accounts' data-article-id='1519'><script src='//news-app-staging.herokuapp.com/javascripts/getscripts.js'></script><link rel='stylesheet' href='//news-app-staging.herokuapp.com/stylesheets/article.css' type='text/css' /><div class='article'><p><span data-start-time='0' data-end-time='11979'>The country of choice for secret offshore accounts opened by Panamanian lawyers is a small island nation, the British Virgin Islands.</span> <span data-start-time='11979' data-end-time='20458'>That information comes from a new report Monday by the International Consortium of Investigative Journalists. </span> <span data-start-time='20458' data-end-time='26167'>A consortium is a group of people who work together on a project.</span> <span data-start-time='26167' data-end-time='40583'>The consortium looked into documents that showed about 200,000 offshore businesses created for wealthy people by the Mossack Fonseca law firm in Panama.</span> <span data-start-time='40583' data-end-time='45313'>Some information was released last month. </span> <span data-start-time='45313' data-end-time='54750'>The documents, obtained from the law firm by a person known as “John Doe,” is called the “Panama Papers.” </span> <span data-start-time='54750' data-end-time='58333'>Panama is the home of Mossack Fonseca.</span> <span data-start-time='58333' data-end-time='64417'>John Doe is a name used by people who don’t want others to know who they are. </span> <span data-start-time='64417' data-end-time='69688'>Is is called an alias, or another name a person uses.</span> <span data-start-time='69688' data-end-time='79354'>The consortium said the Panamanian law firm set up shell companies, or companies for which there is very little information. </span> <span data-start-time='79354' data-end-time='83667'>There is very little business activity in a shell company. </span> <span data-start-time='83667' data-end-time='89146'>These were set up for wealthy people in countries to hide their money.</span> <span data-start-time='89146' data-end-time='98542'>More than 50 percent of the offshore businesses in the consortium’s large database were registered in the British Virgin Islands.</span> </p></div><div class='control-buttons-sticky' style='display:none;'><div class='control-buttons'><button title='Back' class='back' disabled='disabled'></button><button title='Play' class='play' disabled='disabled'></button><button title='Pause' class='pause' style='display:none;'></button><button title='Forward' class='forward' disabled='disabled'></button><button class='finished-reading' style='display:none;'>Done</button></div></div></div><div id='article-media'><div id='media-image'><img src='https://news-app-production.s3.amazonaws.com/articles/1041/pan_img.jpg'/></div></div><div id='question-content' style='display:none;'><div class='vocabulary_question question-container' data-question-id=6133 data-hint-location='0' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/what_does_offshore_mean.m4a'>What does offshore mean?</div><div class='choices' data-correct-choice='located or based in a foreign country'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/a_powerful_effect.m4a'><span>a powerful effect</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/located_or_based_in_a_foreign_country.m4a'><span>located or based in a foreign country</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/harmful_or_bad.m4a'><span>harmful or bad</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/a_chance_or_possibility.m4a'><span>a chance or possibility</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=6134 data-hint-location='69688' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/what_type_of_companies_were_set_up_by_the_law_firm.m4a'>What type of companies were set up by the law firm?</div><div class='choices' data-correct-choice='shell companies'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/shell_companies.m4a'><span>shell companies</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/nonprofits.m4a'><span>nonprofits</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/startups.m4a'><span>startups</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/tech_companies.m4a'><span>tech companies</span></div></div></div><div class='sentence_completion_question question-container' data-question-id=6135 data-hint-location='83667' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/the_companies_are_used_by_wealthy_people_to__blank__their_money.m4a'>The companies are used by wealthy people to <span class='blank'>hide</span> their money.</div><div class='choices' data-correct-choice='hide'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/lose.m4a'><span>lose</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/invest.m4a'><span>invest</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/hide.m4a'><span>hide</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1041/make.m4a'><span>make</span></div></div></div><div class='question-buttons'><button class='skip-button'></button><button class='hint-button'></button><button class='speak-button'></button></div></div></div>
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