Is it possible to launder billions of USD with Bitcoin CT r: 8 ? For too long it has been said that cryptocurrencies abet money laundering , corruption, terrorism , and what not due to virtual currencies’ transactions being anonymous and the lack of a central authority watching over the cryptocurrencies. What are the Panama Papers
However, the leak of the Panama Papers brings to light the issue of transparency in governance and traditional financial transactions, and the role it plays in abetting/curbing global public corruption.
Panama Papers are the cache of 11.5 million records revealing the hidden financial dealings of hundreds of prominent personalities from all over the world including heads of states, other politicians, businesspersons, sportspersons, and celebrities. The records expose the details of offshore companies controlled by these prominent personalities.
Controlling, or being related to offshore companies is in no ways illegal by itself, however, the records released by the German newspaper Süddeutsche Zeitung and the ICIJ (International Consortium of Investigative Journalists) show examples of neglection of laws, tax evasion, corruption, and abuse of political power. Mossack Fonseca, the shell companies incubator
The leaked Panama Papers come from an obscure source, a law firm called Mossack Fonseca.
Mossack Fonseca is a law firm based in the tax haven of Panama. It is the world’s fourth largest law firm to set up offshore companies. It is an obscure and secretive but a very powerful law firm.
What is interesting is that there is no proof to implicate any of Mossack Fonseca’s clients for any wrongdoing, even though as per ICIJ, in its list of customers, it has Ponzi schemers, drug kingpins, tax evaders, and at least one jailed sex offender.
The law firm also refuses to discuss any case of individual legal misconduct citing client confidentiality as the reason, however it […]
