law firm at heart of panama papers a shadow of its former self
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Law firm at heart of Panama Papers a shadow of its former self

Arab Today, arab today

Arab Today, arab today Law firm at heart of Panama Papers a shadow of its former self

Law firm at heart of Panama Papers a shadow of its former self
Panama - AFP

Panama has a new tourist attraction: the building hosting the offices of the Mossack Fonseca law firm at the heart of the Panama Papers scandal.
That is why, workers there say, the sign announcing the firm has been taken down from where it used to be outside the dark-tinted edifice in Panama City's modern banking district. Too many tourists were stopping to take selfies in front of it.
Despite the fallout and sudden notoriety from the Panama Papers revelations, and the detention of its two partners on money laundering charges linked to a vast Brazilian bribery case, Mossack Fonseca is continuing its four-decade-old business.
The firm's staff has been decimated, however. Before the scandal, the firm employed 600 people across the world. A year later, that has been cut by two-thirds.
These papers linked some of the world's most powerful leaders, including Russian President Vladimir Putin, former British prime minister David Cameron and others to unreported offshore companies.
Panamanian prosecutors are investigating the Panama Papers, although no one has been convicted yet.
"There was no money laundering. Only establishing companies within the limits of the law," the lawyer representing Mossack Fonseca, Marlene Guerra, told AFP.
"While we are talking about what happened, the rest of the companies in Panama and in the world are continuing as before. We consider this to be selective justice," she said.
- Clients flee -
According to Guerra, 70% percent of Mossack Fonseca's wealthy clients have left for the United States.
With the lucrative Panama Canal, Latin America's highest growth of over five percent in 2015, and a dollarized economy based on services that accounts for 83 percent of gross domestic product, the country is keen to minimize the reputational damage from Panama Papers.
"Panama Papers didn't tell us anything we didn't already know," the finance minister, Ricardo Zubieta, said recently.
"Not a single dollar" invested in the offshore companies "are in Panama -- they are in banks in Britain, Miami, New York," he said.
Many in Panama are indignant that the scandal was branded with their country's name.
Some see a plot to damage the image of Panama for the benefit of US or European jurisdictions.
"We are seeing a new world order emerging, in which Panama remains conveniently overshadowed," said Francisco Bustamante, an economist who worked at the Inter-American Development Bank.
"Aside from whether there is an international plot or not, what is pertinent is how the country will tackle these scandals," he said.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

law firm at heart of panama papers a shadow of its former self law firm at heart of panama papers a shadow of its former self

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

law firm at heart of panama papers a shadow of its former self law firm at heart of panama papers a shadow of its former self

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange

GMT 14:40 2012 Saturday ,10 March

Magdy Al-Galad steps down

GMT 09:47 2017 Sunday ,12 March

Cat Camp in New York attracts cat lovers

GMT 14:57 2016 Friday ,09 September

Madonna, Ritchie settle child custody dispute

GMT 23:52 2017 Monday ,18 September

UAE economic growth boosting logistics sector
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday