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According to reliable US sources, Federal prosecutors are now conducting criminal investigations into whether Mossack Fonseca attorneys and staff committed money laundering, or tax evasion offenses, on behalf of their clients. If the MF lawyers & staff are not already radioactive, due to the Panama Papers disclosures, this new development will make current, or even former, employees, extremely high risk as new hires.
MF standard operating practice was to form bearer-share BVI companies for clients; it is virtually impossible to identify the beneficial owners of such corporations, and there is evidence of the creation of bank accounts, and to even make investments for MF clients. Whether MF lawyers and staff acted for their clients, with the intent to assist the clients in evading taxes, or laundering their money, will be the central issue, but proof sufficient to convict could come if the clients themselves testify against the Mossack lawyers and staff members;
MF standard operating practice was to form bearer-share BVI companies for clients; it is virtually impossible to identify the beneficial owners of such corporations, and there is evidence of the creation of bank accounts, and to even make investments for MF clients. Whether MF lawyers and staff acted for their clients, with the intent to assist the clients in evading taxes, or laundering their money, will be the central issue, but proof sufficient to convict could come if the clients themselves testify against the Mossack lawyers and staff members;
That may happen more often than not.The real question is whether the name partners will themselves be indicted in the United States.
