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The recent disclosures, in the Panama Papers scandal, of documents and internal correspondence, involving William Ponsoldt, a wealthy American who wanted his millions hidden offshore, shows clearly that the law firm of Mossack Fonseca was not merely forming companies for its dodgy clients; it was engaging in massive money laundering and tax evasion operations. the tactics it deployed for its demanding clients were those used by drug money launderers, to hide the proceeds of crime.
The Ponsoldt documents showed that Mossack:
(1) Used banks that did not demand that the names of beneficial owners be disclosed to them.
(2) Moved money from banks that asked questions, to those that did not.
(3) Performed services for known convicted white collar criminals.
(4) Encouraged US citizens to use their secondary foreign passports to open accounts.
(5) Used straw men from "tax-convenient" jurisdictions.
(6) Justified their money laundering and tax evasion procedures as "asset protection."
In the Ponsoldt case, emails, bank account details, and actual corporate documents were made public; they expose the depths to which Mossack Fonseca sunk, in its criminal zeal to move money covertly for its clients. It makes for extremely illuminating reading, and readers would be well advised to review the dozens of pages of documents made public, for its details the tactics and strategies the law firm used, for decades, to secrete the funds of its clientele.
Written: Kenneth Rijock
Contributed: Monte Friesner
