tag:blogger.com,1999:blog-9095270985170721876.post2104391760772541060..comments2024-03-16T19:31:50.303+00:00Comments on Tony's Musings: So what has Mossack got under its Panama Hat?TonyTheProfhttp://www.blogger.com/profile/10486414706261508994noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-9095270985170721876.post-39289860710701057102016-04-05T07:16:45.609+00:002016-04-05T07:16:45.609+00:00This, from the website of Panama Offshore Worldwid...This, from the website of Panama Offshore Worldwide, says it all:<br /><br /><i>Other clients that are more educated on the subject usually know that Panama banking takes it a step further. In Panama, it is a criminal offense for any bank employee to divulge any information about a client without a court order, and those court orders are only written up if the person is suspected of financing terrorism, drug trafficking, money laundering or other serious crimes. Panama's banks will not accept deposits from government officials unless they can prove that the source of the funds are from legal activities.</i><br /><br /><i>Some clients tend to think that opening a personal bank account in Panama and depositing the funds would be enough to keep their assets secure and private. However, all these bank secrecy laws don't change the fact that a personal account would be in your name, and therefore would be traced back to you in various ways.</i><br /><br /><i>For Panama bank secrecy to truly be used effectively, a corporation with nominee directors is essential. We provide nominee directors for the corporation, so your name is not actually registered in the government's documents and therefore cannot be traced back to you.</i><br /><br />So: you want to launder money. You set up a corporation with nominee directors who look the other way, as Mossack Fonseca appear to have done. Because the money is in their name rather than yours, the Panamanian government says there is no case against the nominee directors, and refuses to allow information to be divulged. You get away scot free.<br /><br />Doesn't take much doing...Jameshttps://www.blogger.com/profile/09194881271051758232noreply@blogger.com