The IRS-Panama Papers - Money Laundering and International Tax Evasion; U.S. Treasury Department New Rules - 2016
“The International Consortium of Investigative Journalists (‘ICIJ’), recently began publishing a series of articles known as ‘The Panama Papers,’ which consists of millions of leaked financial documents, a trove of information much larger than anything obtained by either Wikileaks or Edward Snowden in their prior disclosures.
Hundreds of reporters and media organizations in over 70 countries spent over one year working secretly and collaborating with the ICIJ, a Project of the Center for Public Integrity, based in Washington D.C.
THE ICIJ report revealed that after a yearlong investigation the secretive, elite Panama Law Firm, Mossack Fonseca (‘MF’) established over 240,000 ‘shell companies’ over the last 40 years for wealthy global clients to launder money, dodge sanctions and evade taxes.
MF clients include: politicians, celebrities, criminals, and heads of state. MF services appear to involve bribery, corruption, and rampant money laundering. In response MF was defiant, as their Managing Partner in a Financial Times interview stated: ‘I guarantee there is more money laundering in New York, London, and Miami than in Panama.’”
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Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.