Adonis Diaries

Posts Tagged ‘Panama

How the wealthy and powerful hide their money:

The latest massive leak

Andrew Bossone shared this link
Data from an international law firm reveal the shadowy world of shell companies, exposing how secretive offshore companies at times subvert U.S. foreign policy…
mcclatchydc.com/news/nation-wo…

Several McClatchy journalists joined more than 370 journalists from 78 countries in the largest media collaboration ever undertaken following a leak.

The document archive is massive at 2.6 terabytes. It would take a desktop computer at least 24 hours to download it at average internet speeds.

As a registered agent, the Mossack Fonseca law firm incorporates companies in tax havens across the globe for a fee. It has avoided close scrutiny from U.S. law enforcement officials.

Mossack Fonseca denies all accusations of illegal activity.

“We have not once in nearly 40 years of operation been charged with criminal wrongdoing. We’re proud of the work we do, notwithstanding recent and willful attempts by some to mischaracterize it,” spokesman Carlos Sousa said.

The law firm’s co-founder, Ramón Fonseca, in an interview last month on Panamanian television, compared the firm to an automaker whose liability ends once the car hits the road. Blaming Mossack Fonseca for what people do with their companies, he said, would be like blaming an automaker “for an accident or if the car was used in a robbery.”

Yet plenty of criminals are in the documents, from drug traffickers to convicted fraudsters. One of the co-founders of the Mossack Fonseca law firm in Panama is Ramon Fonseca Mora, seen here in a May 31, 2012 photo. // Courtesy of the International Consortium of Investigative Journalists

Courtesy of the International Consortium of Investigative Journalists
One of the co-founders of the Mossack Fonseca law firm in Panama is Ramon Fonseca Mora, seen here in a May 31, 2012 photo.

Jurgen Mossack, a co-founder of the Mossack Fonseca law firm in Panama, is seen here in a June 26, 2014, photo at a Panama City event in which he accepted a leadership position in the Rotary Club. // Courtesy of the International Consortium of Investigative Journalists

Courtesy of the International Consortium of Investigative Journalists
Jurgen Mossack, a co-founder of the Mossack Fonseca law firm in Panama, is seen here in a June 26, 2014, photo at a Panama City event in which he accepted a leadership position in the Rotary Club.

“The offshore world is the parallel universe of the ultra-rich and ultra-powerful,” said Jack Blum, a white-collar crime attorney and an architect of the Foreign Corrupt Practices Act.

The archive, which dates to the late 1970s and extends through December 2015, reveals that 14,000 intermediaries and middlemen bring business to Mossack Fonseca.

No corner of the globe is untouched – including the United States.

States such as Delaware, Nevada and Wyoming register thousands of corporations annually, often without identifying the true owners. Some of the billions of dollars splashing through the domestic economy come from anonymous foreigners who inflate real estate prices in places like Miami, buying properties outright in cash.

“We know (of) … upwards to $6 to $10 billion a year laundered through the U.S.,” said Patrick Fallon Jr., head of the FBI’s financial crimes section.

The most extraordinary allegations in the archive revolve around Putin’s closest associates, including Sergey Roldugin (pronounced Roll-DOO-gen), a close friend since the late 1970s when Putin was a young KGB agent.

Roldugin is a classical cellist for the St. Petersburg orchestra, yet his name appears as the owner of offshore companies that have rights to loans worth hundreds of millions of dollars.

A Russian news service report in 2010 disclosed that he owned at least 3 percent of Bank Rossiya, Russia’s most important bank.

When Mossack Fonseca helped open a bank account in Switzerland on behalf of Roldugin, the application form asked if he had “any relation to PEPs (politically exposed persons) or VIPs.”

The one-word answer was “no.” Yet, Roldugin is godfather to Putin’s daughter Mariya.

“Roldugin is, by his proximity to a serving head of state, clearly an exposed person,” Mark Pieth, a former head of the Swiss justice ministry’s organized crime division, told the ICIJ team.

Note 1: Panama? It is practically a USA state. No fool should trust their banks dealing. There can be no secrecy when the US decide to target and smear political and influential personality.
Note 2: It is the same rerun with the defunct international BCCI that was owned by a Pakistani and who did everything that this latest US controlled financial institute have been doing.

 

 


adonis49

adonis49

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December 2021
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