Panama Papers - Global Effects Thus Far & Continuing Impact

On April 4, 2016 we posted Huge Leak From the Panamanian Law Firm Mossack Fonseca! where we discuss that the offshore planning world was set on fire with the news that 11 million documents were leaked from the Panamanian law firm Mossack Fonseca.

 

They show how Mossack Fonseca has helped clients launder money, dodge sanctions and evade tax. The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.

Gerard Ryle, director of the ICIJ, said at the time, that the documents covered the day-to-day business at Mossack Fonseca over the past 40 years.

While no reference was initially made regarding U.S. clients; we correctly speculated that 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 was 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.

 

Fast-forward 8 months later and the investigation has produced an almost daily drumbeat of regulatory moves, follow-up stories and calls by politicians and activists for more action to combat offshore financial secrecy and ICIJ recently posted Panama Papers Have Had Historic Global Effects — and the Impacts Keep Coming where they cover the following repercussions:                 

 

• At least 150 inquiries, audits or investigations into Panama Papers revelations have been announced in 79 countries around the world
• An estimated $135 billion was wiped off the value of nearly 400 companies after the Panama Papers
• Governments are investigating more than 6,500 taxpayers and companies, and have recouped at least $110 million so far in unpaid taxes or asset seizures
• Nine Mossack Fonseca offices have shuttered around the world, and the law firm has been fined close to half a million dollars 

 

Our Blog "The Tax Times" lists the following as fallout from the Mossack Fonseca a/k/a "Panama Papers" leak:

Tax Authorities to Have Access to Beneficial Ownership Information By 2018!						11/23/16
More & More Fallout From the "Panama Papers"!						10/7/16
Europe Begins Inquiry into 'Panama Papers' & 'Bahamian Papers' - How Long Before You Are Discovered?						9/29/16
Your Offshore Confidential Information Is Being Delivered Daily to Tax Authorities - New Leak of Bahamian Offshore Files!						9/23/16
More fallout from the "Panama Papers" - Commercial Bank of Taiwan To Pay a $180 Million Penalty						8/30/16
Federal Agents & Prosecutors Now Gearing Up to Utilize "Panama Papers" in Their Prosecutions of Mossack Fonseca's Employees!						8/9/16
Tax Havens Coming Clean and Becoming Transparent						7/25/16
Federal Agents & Prosecutors Gearing Up to Utilize "Panama Papers" in Their Prosecutions						6/25/16
Nevada & Wyoming Asked to Provide Information on Entities Linked to the “Panama Papers”						6/25/16
HM Treasury Published a List of 41 Countries Which Are Committed to Share Beneficial Ownership Information						6/15/16
An Analysis of >1,000 American-Based Mossack Fonseca Companies Further Supports That The US Is a New Tax Haven						6/3/16
Mossack Fonseca Closing 3 Branch Offices in European Tax Havens						6/3/16
Offshore Banks Liability For Client's Tax Evasion						5/24/16
EU's Says Tax Avoidance Advisers Must Be Punished - Does That Apply to US Advisors?						5/18/16
Mossack Fonseca Affected Taxpayers with Potential Exposure Should Consult with Counsel To Consider Their Legal Options Now!						5/11/16
The Saga of the "Panama Papers" Has Only Just Begun!						5/10/16
2015 Posts the Deepest Decline in Offshore Investments in 10 years!						5/5/16
Mossack Fonseca Law Firm Leak & Attorney-Client Privilege						4/26/16
DoJ Launches Criminal Investigation of Hundreds of US Taxpayers Named in Panama Papers Leak!						4/25/16
Have An Un-Reported Account Associated With Mossack Fonseca? Like Your Freedom? Call Us!						4/18/16
US Pressured For Beneficial Ownership Rules   OECD Ready to Act on Leaks From Panamanian Law Firm Mossack Fonseca         4/11/16 Get Ready For The US Proposed Plan to Require Banks to Identify Owners of Shell Companies!         4/7/16 Huge Leak From the Panamanian Law Firm Mossack Fonseca!         4/4/16						4/15/16

 

Do You Have Undeclared Income 

From A Foreign Company

Formed By Mossack Fonseca ?

 

 

 

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