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Topic: Panama Papers
Our readers in the Cayman Islands may not have heard of the “International Consortium of Journalists,” but by now are certainly familiar with their work.
The Panama-based offshore law firm Mossack Fonseca stated that it will close by the end of the month, according to a statement from the firm obtained by the International Consortium of Investigative Journalists.
Leaked records from offshore law firm Appleby involving the dealings of U.S. Commerce Secretary Wilbur Ross, Queen Elizabeth II, advisers to U.S. President Donald Trump, political donors and other law firm clients have sparked a flurry of media reports around the world.
In anticipation of the sound and the fury that will no doubt define international news coverage of a data breach at Appleby law firm, here are a few of our thoughts on the matter of “leaks,” “hacks” and offshore exposes under the guise of investigative journalism.
Offshore law and fiduciary firm Appleby confirmed it has received inquiries from the International Consortium of Investigative Journalists in relation to documents that may have been subject to an alleged hack at the firm.
Ten months after international media reported the leak of 11 million documents related to 200,000 offshore companies set up by Panamanian law firm Mossack Fonseca, two partners of the firm have been arrested and charged with money laundering.
The German government has initiated draft legislation to prevent the use of “letter box companies in tax havens” to avoid tax. The draft bill was prompted by the Panama Papers revelations last year and approved by Cabinet on Dec. 21.
During an appearance on the BBC this month, Cayman Finance CEO Jude Scott highlighted the Cayman Islands’ regulatory and transparency regime. “The reality is not all offshore jurisdictions are made the same," he said on the program.
Six months after the Panama Papers revelations, Panama signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters last week, making it the 105th jurisdiction to join the predominant instrument for transparency and combating cross-border tax evasion.
Last week, The Washington Post published a long, somewhat puzzling story on a small nonprofit group that advocates against enacting onerous and unfair restrictions on the international financial industry.
Our patriotism is to the ideals of the Founding Fathers, not to the bad tax policy of the U.S. government
In the debate about offshore centers, one nation has quickly become the center of attention.
The “Panama Papers” episode has brought into sharp focus the need for the Cayman Islands to up the ante when it comes to promoting exactly why this jurisdiction is so successful as far as financial services are concerned.
It’s yet another “good news/bad news” story. The good news is the Cayman Islands came away relatively unscathed in the unprecedented publication of approximately 11.5 million files, known collectively as the “Panama Papers.”
The online database of entities, officers and intermediaries linked to the Panama Papers release shows that links to the Cayman Islands are relatively minor, according to Cayman Finance.
The Cayman Islands plays only a minor role in the offshore data leak involving the Panamanian law firm Mossack Fonseca.
The massive leak of 11.5 million documents from Panamanian law firm Mossack Fonseca has renewed world attention on tax havens, offshore companies and beneficial ownership.
Are the several dozen so-called offshore financial centers enlightened enough to mount a vigorous defense against the know-nothing statists or will they apologize for their mere existence?
Absent from the extensive coverage of the Panama Papers leak is any journalistic analysis whatsoever of the evident and coruscating irony.
Speaking in the United Kingdom’s House of Commons, opposition leader Jeremy Corbyn Wednesday again criticized Prime Minister David Cameron and the new beneficial ownership agreement with Cayman announced this week.
Eye-popping revelations in the Panama Papers have fanned concerns that the so-called “tax havens” lie at the center of a giant web of criminal conduct. The uproar invites examination of the role played by such centers in the world economy.
Were you shocked to learn of all of the politicians from around the globe who have utilized Panama and other “offshore” entities to set up financial structures to hide their money?
When asked about the main risks to their organization that they must manage, leaders of large corporations, regardless of the industry, almost always name their single most important asset: their reputation.
As the pressure on the U.K. grows to rein in offshore centers in its overseas territories and Crown dependencies, financial service providers there are saying they have implemented the global transparency standards that are lacking in Panama and elsewhere.
The U.K. government should consider imposing direct rule on its overseas territories and Crown dependencies if they fail to comply with U.K. tax laws, according to Labour Party leader Jeremy Corbyn.
Following the leak of internal documents of Panama law firm Mossack Fonseca which has reignited the debate about offshore financial centers, Cayman Finance said Tuesday that Cayman has a proven track record on transparency and cross-border cooperation.
Following the release of the “Panama Papers,” the Cayman Islands Ministry of Financial Services has issued a statement saying “the disclosure has further amplified the need for global cooperation,” but it would need to be in accordance with accepted international standards.
What purpose do the Panama Papers investigations really serve?
References to the Cayman Islands in the “Panama Papers” were conspicuous by their absence but pressure on all offshore financial centers is likely to increase after the anonymous leak of more than 11 million documents belonging to a Panamanian law firm continued its fallout on Monday.