How the Panama Papers Firm Helped US Clients Escape Tax Rules

October 4, 2020 0 By HearthstoneYarns

The law firm at the center of the Panama Papers scandal, Mossack Fonseca, helped many of its American clients evade U.S. tax and transparency laws, according to an investigation by the New York Times published Monday.

Documents including “confidential emails, copies of passports, ledgers of bank transactions and even the various code names used to refer to clients” show that Mossack Fonseca went beyond simply creating shell companies for some of the 2,400 Americans implicated in the leak, the Times reports—instead, the firm “offered a how-to guide of sorts on skirting or evading United States tax and financial disclosure laws.”

Reporters Eric Lipton and Julie Creswell write:

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Other tricks included “selling real estate as a shift of corporate assets, instead of as a piece of property subject to transfer taxes.”