Panama Papers : Mossack Fonseca books include dozens of companies blacklisted by U.S. Authorities

Panama Papers : Mossack Fonseca books include dozens of companies blacklisted by U.S. Authorities

Panama Papers : Mossack Fonseca books include dozens of companies blacklisted by U.S. Authorities

Written by Staff Writer

05 Apr, 2016 | 8:17 am

Panama Papers reveals Mossack Fonseca, which is based in Panama but has offices around the world, has worked with at least 33 individuals or companies who have been placed under sanctions by the US Treasury, including companies based in Iran, Zimbabwe and North Korea.

Panama Papers, an investigation published by The International Consortium of Investigative Journalists (ICIJ), the German newspaper Süddeutsche Zeitung and more than 100 other news organizations around the globe, reveals the offshore links of some of the world most prominent and influential people.

Some individuals and companies had ceased to work with Mossack Fonseca before being sanctioned and some were active customers when the sanctions were put in place.

However Mossack Fonseca registers companies as offshore entities operated under its own name. This meant the identities of the real owners were hard to trace.

These details have been released after the review of more than 11 million documents – emails, client accounts and financial records – that show the inner workings of Mossack Fonseca from 1977 to December 2015.

Mossack Fonseca has earned money creating shell companies that have been used by suspected financiers of terrorists and war criminals in the Middle East; drug kings and queens from Mexico, Guatemala and Eastern Europe; nuclear weapons proliferators in Iran and North Korea, and arms dealers in southern Africa.

Mossack Fonseca denies the wrongdoing and said: “We have never knowingly allowed the use of our companies by individuals having any relationship with North Korea or Syria. We have our own procedures in place to identify such individuals, to the extent it is reasonably possible.”

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