Why are there so few Americans caught up in the Panama Papers leak?

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cancel2 2022

Canceled
Mott was right, Americans have no need too go to Panama, screw you Moonbat!!


  • More than 200,000 entries were included in this week's Panama Paper leak
  • Only 211 people with U.S. addresses have so far been identified by officials
  • Experts have now claimed that Americans have 'no need' to go to Panama
  • Suggested authorities instead 'look internally' to find corporate illegalities

32E4B86E00000578-3526077-Shima_Baradaran_Baughman_pictured_a_professor_at_the_University_-m-33_1459936583257.jpg

Experts, including professor Shima Baradaran Baughman (above), have now revealed the reason for the low number of Americans involved in the Panama Papers leak might be because shell companies are being formed under authorities' noses in Wyoming, Delaware or Nevada

More than 200,000 entries were included in the Panama Papers leak with politicians, celebrities and sports stars caught up in the scandal. But so far only 211 people have been identified by authorities as having U.S. addresses. Experts have now revealed the reason for the low number of people involved might be because shell companies are being formed under authorities' noses in Wyoming, Delaware or Nevada - meaning Americans do not need to go to Panama.

Shima Baradaran Baughman, a professor at the University of Utah, told Fusion that Americans 'have no need to go to Panama to form a shell company to use for illicit activities'. She added: 'It [the leak] should make Americans look internally to see what kinds of corporate illegalities we are allowing within our own borders.'

James Henry, a economist, agreed, adding that the U.S. has an 'onshore haven industry.. that is as secretive as anywhere'.
His comments came as other experts confirmed it would take months for journalists to trawl through the 11.5million documents, meaning it will be a while before the number of Americans involved can be confirmed. Jack Blum, a Washington lawyer and offshore activity expert, told Fusion is was going to 'take some time' due to the enormity of the database.

http://www.dailymail.co.uk/news/art...-shell-companies-Wyoming-Delaware-Nevada.html
 
The nature of the leak isn't known. ' Insider ' or ' hack ' ? The information has been available to news agencies for a year. Edited at source ?
Information from an insider leak is more likely to be complete. If it was a hack- perhaps a government hack- then somebody has had twelve months or so to ' clean it up ' and to inform ' sensitive figures ' of what was about to break. Certainly, this exposure comes at a very, very helpful time for Obama's plans to prevent tax avoidance.
Still, we can only draw conclusions by what we're told by the mainstream media- and that has been fraudulent and politically motivated from the outset- or hope to gain better insights through the work of independents. Of course, it's impossible to state with certainty that we know what's going down- unlike the moronic claim of the Brit O.P- whose government and its cronies are largely responsible for making tax avoidance and evasion possible on such a massive scale.

The investigations continue- and those who do NOT appear to have been complicit deserve investigation just as strongly as those who have been thrown to the wolves.

Why Are Americans Not Included in the Panama Papers?

http://www.nbcnews.com/storyline/panama-papers/why-are-americans-not-included-panama-papers-n551081


Their absence is suspicious in itself. And any insider or hacker with the public good in mind would have given the information to Wikileaks.

Go to sleep with your thumb up your ass, like the O.P.- and you'll never know;

As we said, the surprising lack of any high profile names could merely stoke speculation of list scrubbing, or alternatively, we hope it will force the broader population to shift its attention to the true real locus of "offshore tax evasion", perhaps the biggest in the world: the United States of America itself.

http://www.zerohedge.com/news/2016-04-05/here-are-some-americans-panama-papers
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The Dude said:
We have great tax breaks, I keep telling y'all.
IRS all day!
Click to expand...

Tell us about the carried interest you take advantage of..

PS

investing in real estate provides better tax breaks than stocks. True story bro. You wouldn't believe what I am able to write off that you can't

But then you being the Grand Wizard of Finance already knew that right? Now head off to the Chalmette Country Club
 
Milagro said:
Mott was right, Americans have no need too go to Panama, screw you Moonbat!!


  • More than 200,000 entries were included in this week's Panama Paper leak
  • Only 211 people with U.S. addresses have so far been identified by officials
  • Experts have now claimed that Americans have 'no need' to go to Panama
  • Suggested authorities instead 'look internally' to find corporate illegalities

32E4B86E00000578-3526077-Shima_Baradaran_Baughman_pictured_a_professor_at_the_University_-m-33_1459936583257.jpg

Experts, including professor Shima Baradaran Baughman (above), have now revealed the reason for the low number of Americans involved in the Panama Papers leak might be because shell companies are being formed under authorities' noses in Wyoming, Delaware or Nevada

More than 200,000 entries were included in the Panama Papers leak with politicians, celebrities and sports stars caught up in the scandal. But so far only 211 people have been identified by authorities as having U.S. addresses. Experts have now revealed the reason for the low number of people involved might be because shell companies are being formed under authorities' noses in Wyoming, Delaware or Nevada - meaning Americans do not need to go to Panama.

Shima Baradaran Baughman, a professor at the University of Utah, told Fusion that Americans 'have no need to go to Panama to form a shell company to use for illicit activities'. She added: 'It [the leak] should make Americans look internally to see what kinds of corporate illegalities we are allowing within our own borders.'

James Henry, a economist, agreed, adding that the U.S. has an 'onshore haven industry.. that is as secretive as anywhere'.
His comments came as other experts confirmed it would take months for journalists to trawl through the 11.5million documents, meaning it will be a while before the number of Americans involved can be confirmed. Jack Blum, a Washington lawyer and offshore activity expert, told Fusion is was going to 'take some time' due to the enormity of the database.

http://www.dailymail.co.uk/news/art...-shell-companies-Wyoming-Delaware-Nevada.html
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Poor Borbo.
 
The Pauper said:
More names will probably get released closer to our elections.
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Probably not. All one has to do to set up a shell company in the U.S. is hire a lawyer and or accountant and set up a Delaware or Nevada corporation.

Where Americans might be involved is if an American made revenue in one foreign country and is trying to hide their assets or avoid taxes in that nation by moving the revenue to a shell company in another country.

If the money is generated in the U.S. they probably don't need to go off shore to set up a shell company.

I've been saying for a long time that Delaware and Nevada incorporation laws are shady as hell and permit a huge hole for organized criminals to launder their ill gotten gains.

Maybe it's about time we started looking at these States incorporation laws. I'm reasonably sure the GOP will fight that tooth claw and nail.
 
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Another reason where Americans might be involved in the Panama Papers is if they are buying foreign real estate abroad in which case having an off-shore company to manage such a purchase is actually a legitimate transaction.
 
Mott the Hoople said:
Another reason where Americans might be involved in the Panama Papers is if they are buying foreign real estate abroad in which case having an off-shore company to manage such a purchase is actually a legitimate transaction.
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The U.S. Treasury Department intends to soon issue a long-delayed rule forcing banks to seek the identities of people behind shell-company account holders, after the "Panama Papers" leak provoked a global uproar over the hiding of wealth via offshore banking devices. A department spokesman said on Wednesday the rule would "soon" be turned over to the White House for review and issuance, but did not confirm any timetable for the initiative, which has taken years.

Governments around the globe have launched probes into possible financial wrongdoing after 11.5 million documents from the Panamanian law firm Mossack Fonseca, nicknamed the "Panama Papers," were leaked to the media and reports emerged Sunday. Mossak Fonseca has said it was the victim of a computer hack, and that it has consistently acted appropriately. The papers offer "validation for those who have been screaming for a decade" about the need for financial institutions in the United States and elsewhere to address risks of money laundering, terror finance and other crime by identifying people who clandestinely control legal entities, former Treasury official Chip Poncy told Reuters.

The leaked documents may give banks a glimpse into the kind of information on true, or "beneficial" owners, that they regularly should be obtaining to better understand the cross-border money flows they facilitate, said Poncy, one of the architects of the Treasury rule, which has been in the works since 2012. But simply having a client who is linked to the offshore shell companies highlighted in the Panama papers "doesn't necessarily mean much," said a former FinCEN official who asked not to be named due to his role in the private sector. What would be significant is "inconsistent information or payment flows that now connect" in ways that suggest possible illicit activity, he said.

In mid-2014, Treasury's anti-money laundering unit, the Financial Crimes Enforcement Network (FinCEN), issued a proposed rule on beneficial ownership. Differences of opinion between the various financial regulators vetting the rule and an obligatory analysis of costs to industry has slowed the process, as has pushback from the banking industry. The FinCEN rule is expected to require only that banks and brokerage firms request information from customers regarding beneficial owners, but not require them to verify that information through investigation. In fact, there is no way for banks to verify such information, said Rob Rowe, a lawyer with the American Bankers Association. The ABA is "watching to see what happens with the Panama papers," he said. "That's always been the problem. Banks can collect information but there is currently no mechanism to verify it or keep it updated, outside asking the company," he said.

http://www.reuters.com/article/us-panama-tax-usa-banks-idUSKCN0X32U2
 
Isn't it true that formerly Great Britain specializes in "financial services" which can mean they help criminals hide money for a fee?
 
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