OECD Ready to Act on Leaks From Panamanian Law Firm Mossack Fonseca

Government officials from around the world have called on the OECD to convene a special project meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) Network to explore possibilities of co-operation and information-sharing, identify tax compliance risks and agree collaborative  action, in light of the “Panama Papers” revelations.

The so-called “Panama Papers” refer to the Huge Leak From the Panamanian Law Firm Mossack Fonseca!  According to Forbes, the offshore planning world was set on fire last week with the news that 11 million documents were leaked from the Panamanian law firm Mossack Fonseca.

The meeting, to be held in Paris on Wednesday 13 April, will bring together senior tax administration officials from countries worldwide.

JITSIC is a network of tax administration officials with responsibility for responding to global compliance risks through active collaboration and fast and effective information exchange with other tax administrations.

The “Panama Papers” revelations contain an unprecedented amount of information, including more than 11 million documents covering 210,000 companies in 21 offshore jurisdictions.  Each transaction spans across a number of different jurisdictions and may involve multiple entities and individuals.

The meeting at the OECD presents tax administrations with a first opportunity to act on the considerable body of information revealed by the “Panama Papers” release.  As a network of tax administrations, committed to sharing intelligence and working together to tackle common risks, the JITSIC Network is well placed to take on this challenge.

While the neither the BBC article, nor a more detailed series of articles from the International Consortium of International Journalists, reference any U.S. client;, U.S. persons will probably show up, given that Mossack Fonseca apparently maintained a branch in Las Vegas, Nevada, under the name of M.F. Company Services and Mossack Fonseca Company Services is currently attempting to fight a subpoena brought in the U.S. District Court for the District of Nevada seeking information on at least 123 companies that it created.

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