Luke Skywalker
Super Moderator
{vb:raw ozzmodz_postquote}:
xEmbed
xShare
Here are the basics of what the Panama Papers leak is all about. Video by Jasper Colt, USA TODAY
The building where Mossack Fonseca's Wyoming address is listed, along with many of the companies it's created, in Cheyenne, is pictured in this 2011 image from Google Street View.(Photo: Google Street View)
So, what makes Wyoming a factory for the kinds of shadowy, secretive shell companies now getting fresh scrutiny because of the Panama<span style="color: Red;">*</span>Papers’ leak of millions of pages of international finance records?
Well, you can start by asking the company at the center of the Panama Papers scandal: Mossack Fonseca, which cites some of the reasons in what amounts to a sales brochure explaining to customers why Wyoming is an attractive place for them to create<span style="color: Red;">*</span>a new company or relocate one.
Among the “features” that<span style="color: Red;">*</span>Mossack Fonseca<span style="color: Red;">*</span>touts to potential customers about Wyoming in its marketing materials:
“Ownership is confidential and under state law may only be obtained by court order.”
“Managers and members can either be corporate entities or natural persons,” meaning it’s possible for a shell corporation to be formed in<span style="color: Red;">*</span>Wyoming without any individual person named in the corporate records.
USA TODAY
The story behind the massive Panama Papers leak
“No requirement to file with the Secretary of State the name” of company managers or members, although the company’s registered agent — not<span style="color: Red;">*</span>the state government — must keep the information on file at its offices, and apparently those offices must be physically located in the<span style="color: Red;">*</span>state.
Nearly all of the 1,000-plus corporations that USA TODAY has so far identified as being created by Mossack Fonseca in the United States are<span style="color: Red;">*</span>“based” in two states: Nevada and Wyoming, two states with permissive corporate secrecy laws like those advertised by the firm in its<span style="color: Red;">*</span>promotion of Wyoming.
In both states, the publicly available information about many corporations is extremely limited – and in Wyoming may not necessarily even<span style="color: Red;">*</span>include reference to the fact that MF’s Nevada or Wyoming “offices” are the registering representative of the companies. Typically those<span style="color: Red;">*</span>entities listed as behind each company have addresses in Anguilla, Panama or other foreign countries.
USA TODAY
Panama Papers firm linked to over 1,000 U.S. companies
“There is no information that they’re asking for that tells them who owns, controls, (or) works for … the company,” said Heather Lowe, legal<span style="color: Red;">*</span>counsel and director of government affairs for Global Financial Integrity, a research group based in Washington. “It’s like a big black box<span style="color: Red;">*</span>they’ve created.”
Wyoming records show a Mossack Fonseca-linked business registration operation was formed in the state in 2001, where it has also has served<span style="color: Red;">*</span>as registered agent. But Patricia Amunategui has testified in a Nevada court case in 2014 that she operates the Wyoming operation from MF’s<span style="color: Red;">*</span>Vegas location, a small office building about 20 miles from the Las Vegas strip. She refers to Wyoming as just another product offering for<span style="color: Red;">*</span>clients.
“If someone asks (for) a company in Nevada,” she said, “l say why not offer them one in Wyoming.”
THE PANAMA PAPERSThese politicians have links to the Panama Papers | 01:22Here are 12 of the 140 politicians worldwide who have been linked to Mossack Fonseca either directly or by association. Video by Jasper Colt and Caleb Calhoun, USA TODAY
THE PANAMA PAPERS'Panama Papers' force Iceland's PM to resign | 00:39After leaked files showed the premier's wife owned an offshore firm with big claims on Iceland's collapsed banks, the deputy head of his party said on Tuesday Iceland Prime Minister Sigmundur David Gunnlaugsson will step down. USA TODAY
THE PANAMA PAPERSThe Panama Papers: What you need to know | 00:42Here are the basics of what the Panama Papers leak is all about. Video by Jasper Colt, USA TODAY
THE PANAMA PAPERSThe 'Panama Papers' possible impact on banks | 03:32John Haynes, head of research at Investec Wealth & Investment, discusses the state of financial services system and possible impact from the leak of the 'Panama Papers'. Bloomberg
THE PANAMA PAPERSPanama papers show how world leaders hide wealth | 01:08A dozen heads of state or former heads of state are included in the data leak from Panamanian law firm Mossack Fonseca.Video provided by Newsy
THE PANAMA PAPERSPanama Papers put 'global elites' wealth in spotlight | 03:00In today's "Morning Must Read," Bloomberg's Tom Keene discusses the far-reaching impact of a leaked report on the world's wealthy and powerful hiding money in banks and shell companies. He speaks on "Bloomberg GO." Bloomberg
THE PANAMA PAPERSIceland's PM urged to resign after 'Panama papers' leak | 00:43Iceland's prime minister is under pressure to quit after the leak of the 'Panama Papers' tax documents showed he and his wife used an offshore firm to allegedly hide million-dollar investments. Newslook
THE PANAMA PAPERSUnprecedented document leak shows how powerful people hide their money | 01:10An anonymous person leaked 11 million documents describing how the world's rich and powerful hide money in offshore tax havens.Video provided by Newsy Newslook
THE PANAMA PAPERSThe Panama papers leak | 01:28Mossack Fonseca's data leak provided a rare insight into offshore finance, and journalists are trying to make sure you get why it's a big deal.Video provided by Newsy Newslook
THE PANAMA PAPERSRaw: Iceland Protests After Panama Leaks | 01:01Protesters rallied outside the Icelandic Parliament in the capital Reykjavik on Monday as anger mounted over the Prime Minister's alleged link to an offshore company that would represent a serious conflict of interest. (April 4) AP
Last VideoNext Video
Powered By WizardRSS.com | Full Text RSS Feed