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The passports of at least 200 Americans show up in this week’s massive leak of secret data on secretive offshore shell companies.
Given the high-profile nature of some of the foreign names in the leaks – close associates of Russian President Vladimir Putin were seen moving more than $2 billion through shell companies – many of the Americans may seem like small fish.
In four separate cases, the law firm Mossack Fonseca helped register offshore companies for Americans who are now either accused or convicted by federal prosecutors of serious financial crimes, including securities fraud and running a Ponzi scheme.
originally posted by: butcherguy
a reply to: xuenchen
Politicians will be next, I hope.
Maybe there is some Clinton Foundation money in there???
Americans may have figured out a way to add another soft party who has a different nationality or identity. Let’s say [Mossack Fonseca] had a lot of American account holders or clients. It took [the U.S. Foreign Account Tax Compliance Act] over five years to get into place, which gave everyone plenty of time to close accounts and move their money—open up new corporations that didn’t look like they were held by Americans...
What should be one of the more shocking aspects of the documents is that Mossack Fonseca had a subsidiary to create American offshore corporations in Nevada, and it is a fact that the U.S. government has been talking about on and off over the years, about forcing U.S. corporations to disclose their beneficial ownership. It is a depressing fact that several administrations now have refused to make that a requirement… What’s happened is, some of the sleaziest offshore lawyers are now using American corporate shells to hide foreign corrupt activity. You’d think – you’d hope — that the U.S. government would crack down on this and do the right thing to force people to make public the beneficial ownership of corporation.