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Panama papers firm shrinks internationally

Panamanian law firm Mossack Fonseca
The Panamanian law firm Mossack Fonseca has had to close many of its 45 international offices following the Panama Papers scandal. Photo: AFP

Mossack Fonseca, the law firm linked to the Panama Papers scandal, has had to close most of its international offices due to a slump in business, company officials said Wednesday.

"We had about 45 offices abroad. Now there are about six left," Jürgen Mossack, one of its founders told a briefing while insisting the Panama headquarters was not expecting to close.

A trove of 11.5 million digital records from the Panamanian law firm revealed how many of the world's wealthy used offshore companies to stash assets.

Perpetrators ranged from simple businessmen to head of states and sports stars.

The data were leaked to a German newspaper, Sueddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ), and reports appeared in major media from April 3, 2016.

Among those cited are former British Prime Minister David Cameron, Argentina's football star Lionel Messi, Argentina's President Mauricio Macri, Spanish film director Pedro Almodovar and Hong Kong's film star Jackie Chan -- but also more than 140 politicians and public officials.

Mossack acknowledged that the firm's credibility had taken a big toll on its bottom line.

"We have had to fire staff," he said.

In the year since the scandal erupted, at least 150 inquiries or investigations have been launched in more than 70 countries, with authorities examining many cases for possible tax evasion or money laundering, according to the Center for Public Integrity, a US nonprofit group that until February hosted the now-independent ICIJ.

In June, the OECD published a new blacklist of countries not cooperating against tax evasion, on which only Trinidad and Tobago, a small Caribbean country, figures.

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Panama papers firm shrinks internationally

Panamanian law firm Mossack Fonseca
The Panamanian law firm Mossack Fonseca has had to close many of its 45 international offices following the Panama Papers scandal. Photo: AFP

Mossack Fonseca, the law firm linked to the Panama Papers scandal, has had to close most of its international offices due to a slump in business, company officials said Wednesday.

"We had about 45 offices abroad. Now there are about six left," Jürgen Mossack, one of its founders told a briefing while insisting the Panama headquarters was not expecting to close.

A trove of 11.5 million digital records from the Panamanian law firm revealed how many of the world's wealthy used offshore companies to stash assets.

Perpetrators ranged from simple businessmen to head of states and sports stars.

The data were leaked to a German newspaper, Sueddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ), and reports appeared in major media from April 3, 2016.

Among those cited are former British Prime Minister David Cameron, Argentina's football star Lionel Messi, Argentina's President Mauricio Macri, Spanish film director Pedro Almodovar and Hong Kong's film star Jackie Chan -- but also more than 140 politicians and public officials.

Mossack acknowledged that the firm's credibility had taken a big toll on its bottom line.

"We have had to fire staff," he said.

In the year since the scandal erupted, at least 150 inquiries or investigations have been launched in more than 70 countries, with authorities examining many cases for possible tax evasion or money laundering, according to the Center for Public Integrity, a US nonprofit group that until February hosted the now-independent ICIJ.

In June, the OECD published a new blacklist of countries not cooperating against tax evasion, on which only Trinidad and Tobago, a small Caribbean country, figures.

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হাসিনাকে প্রত্যর্পণে ভারতকে কূটনৈতিক নোট পাঠানো হয়েছে: পররাষ্ট্র উপদেষ্টা

পররাষ্ট্র মন্ত্রণালয়ে সাংবাদিকদের বলেন, ‘বিচারিক প্রক্রিয়ার জন্য বাংলাদেশ সরকার তাকে (হাসিনা) ফেরত চায়—জানিয়ে আমরা ভারত সরকারের কাছে একটি নোট ভারবাল (কূটনৈতিক বার্তা) পাঠিয়েছি।’

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