Panama Arrests Partners of Mossack Fonseca Firm

Panama Arrests Partners of Mossack Fonseca Firm

Prosecutors in Panama have formally arrested the partners of the law firm involved in the Panama Papers scandal. The arrests have been linked to another scandal involving the bribes paid by Brazilian company Odebrecht.

“Prosecutors in Panama have formally arrested the partners of the law firm involved in the Panama Papers scandal.”

~ Bloomberg

Officials have pulled in Ramon Fonseca Mora and Jurgen Mossack, partners of Mossack Fonseca and detained them. Both of have been accused of setting up offshore accounts that allowed the Brazilian construction company to channel bribes to other countries. Both now face charges of money laundering.

Related Reports: Bloomberg, The Guardian

 

About Mossack Fonseca

Established in 1977, we provide comprehensive international legal services. The firm provides services based on more than 35 years of experience. As part of its added value, the firm offers personal advice and a world-class online experience through a virtual Client Portal which is available 24 hours a day. Our web-based Client Information Portal application allows clients to request companies online, verify the status of companies, in addition to other transactions.

Visit: Mossack Fonseca

 


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Denmark Pays $900,000 for Panama Papers to go after Tax Evasion

Denmark Pays $900,000 for Panama Papers to go after Tax Evasion

Denmark has received information on their citizens from the Panama Papers after paying around $900,000 to anonymous source. The purchase of information would help the tax authority hunt for people who evade tax.

“Estimates showed that fraud, coupled with mismanagement at the Tax Authority could cost Denmark as much as $ 4 billion in lost revenue.”

~Bloomberg

Estimates showed that fraud, coupled with mismanagement at the Tax Authority could cost Denmark as much as $ 4 billion in lost revenue. The next procedure is to identify it the government can raise claims to collect missing tax payments from the citizens.

Related Reports: Bloomberg

 

About The Danish Ministry of Taxation

Since 1975 Denmark has had an independent Ministry of Taxation and since 1990 a combined administration of customs, direct taxation, Value Added Tax (VAT), and other forms of indirect taxation, named the Central Customs and Tax Administration.

The Danish Ministry of Taxation consists of The Department responsible for legislation and tax policy, the Tax Appeals Agency responsible for appeals, The Danish Gambling Authority responsible for securing a proper and regulated gambling market in Denmark  and the Central Customs and Tax Administration (SKAT) responsible for administration and collection of direct taxation, VAT, and other forms of indirect taxation and customs procedures.

Visit: The Danish Ministry of Taxation


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Panama Papers Reveal New Zealand as Being Pivotal for the World’s Rich

Panama Papers Reveal New Zealand as Being Pivotal for the World’s Rich

Wealthy Latin Americans are using tax free New Zealand shelf companies and trust to channel funds around the world, according to a report based on the leaks of the Panama Papers. Mossack Fonseca ramped up its interest in using New Zealand by actively promoting it as a good place to do business due to its tax free status, high levels of confidentiality and legal security.

“Mossack Fonseca ramped up its interest in using New Zealand by actively promoting it as a good place to do business due to its tax free status, high levels of confidentiality and legal security“

~ Reuters

The New Zealand government said last month it would begin a review of its foreign trust laws after the Panama Papers highlighted vulnerabilities in its legal framework that made it a possible link in international tax avoidance structures because its foreign trusts are not subject to tax.

Related Reports: Reuters, ABC News

 

About Mossak Fonseca

Established in 1977, the Mossack Fonseca Group is a leading global company which provides comprehensive legal and trust services.  With over 500 staff members across every continent, the Mossack Fonseca Group provides excellent services based on more than 35 years of experience. Our service and research-oriented professionals specialize in trust services, wealth management, international business structures, and commercial law, among other areas.

Our product and service portfolio is constantly updated and renewed, enabling the Group to find the appropriate solution for your business. We offer research, advice and services for the following jurisdictions: Belize, The Netherlands, Costa Rica, United Kingdom, Malta, Hong Kong, Cyprus, British Virgin Islands, Bahamas, Panama, British Anguilla, Seychelles, Samoa, Nevada, and Wyoming (USA).

Visit: Mossack Fonseca


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Panama Papers Source Breaks Silence

Panama Papers Source Breaks Silence

 The whistleblower behind the Panama Papers broke their silence on Friday to explain in detail how the injustices of offshore tax havens drove them to the biggest data leak in history.  In a 1800 word statement, “John Doe” has revealed he has never worked for a spy agency or government.

“Thousands of prosecutions could stem from the Panama Papers, if only law enforcement could access and evaluate the actual documents.”

~ John Doe

In the statement, The Revolution will be Digitized, John Doe starts by saying: “Income equality is one of the defining issues of our time.” He adds: “Banks, financial regulators and tax authorities have failed. Decisions have been made that have spared the wealthy while focusing instead on reining in middle- and low-income citizens.” He goes on to say: “Thousands of prosecutions could stem from the Panama Papers, if only law enforcement could access and evaluate the actual documents.

Related Reports: BBC, The Guardian

 

About Panama City

The City of Panama City is located in the Florida “panhandle” on St. Andrews Bay approximately 170 miles east of Mobile, Alabama, 95 miles east of Pensacola, Florida and 100 miles southwest of Tallahassee, Florida. St. Andrews Bay surrounds much of Panama City and provides a protected harbor for facilities at the growing Port of Panama City complex.

Link: Panama City

 

About Panama Papers

The Panama Papers are documents which were leaked from Mossack Fonseca, a Panama-based law firm which, according to its website, offers “comprehensive legal and trust services.” The website goes on to say that the firm offers “research, advice and services for the following jurisdictions: Belize, The Netherlands, Costa Rica, United Kingdom, Malta, Hong Kong, Cyprus, British Virgin Islands, Bahamas, Panama, British Anguilla, Seychelles, Samoa, Nevada, and Wyoming (USA).” Some of those jurisdictions have been labeled tax havens – including Panama.

Visit: Panama Papers by Forbes


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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