US Justice Department analyzing Panama Papers

598Views 4Comments Posted 04/04/2016

US AUTHORITIES reacted quickly to the worldwide explosion of coverage of the  “Panama Papers” case, and are analyzing the  information, a spokesman for the Justice Department told the AFP news agency on Monday April 4.

"We are aware of publications and are analyzing," said  Peter Carr, a spokesman for the Department of Justice.
"Although we cannot comment on specific elements contained in these documents, the Justice Department takes seriously all credible allegations of corruption abroad that may have a link with the US or with US financial system" he added.

Meanwhile prosecutors in Spain and France have opened investigations into money laundering and Panama will be investigating the firm in the center of the uproar -Mossack Fonseca.

President Juan Carlos Varela  who until recently had Ramon Fonseca as a trusted advisor, has announced that  Panama will continue fighting for  transparency of the financial system.
Information on the “Panama Papers”, from  an international team of investigative journalists which started to be released on Sunday, April 3, reveals a worldwide list of personalities who used the services of a cabal of Panamanian lawyers to create offshore companies.
Swiss banks Credit Suisse and UBS, the British HSBC and the French Societe Generale were cited in the case.
Carr did not say whether the agreements concluded with UBS and Credit Suisse, accused previously of having helped rich Americans evade US  tax authorities, could be challenged by this new case.
Contacted by AFP, the financial services comptroller of New York (DFS), which has authority over financial institutions operating in Wall Street, declined to comment.
According to the NGO Jubilee USA, specializing in tax matters and debt, "corruption and money laundering are not victimless crimes".
"The most vulnerable people in the world are affected by financial secrecy," said Eric LeCompte, director of the NGO, which calls for  a tightening of US legislation.


Comments 4


Totally agree with you!

3 years ago
Richard Charron

My point was that none of this was done with the cooperation of the Panamanian Government. Panama has done a lot to clean up it's reputation as a money laundering country and has recently been added back to the list of trustworthy nations. The headlines in the article attempt to paint Panama as something it is not. That was the only point I was trying to make. Panama has enough problems without tattooing it with the sins of some of its citizens.

3 years ago

There you go again. For one who spends so much time firing off comments you don't reas very carefully. If you check other Newsroom reports going back to January the law firm is accused by Brazilian prosecutors of being a money laundering machine. Panama has also been described as a conduit for Odebrecht bribes heading for the UK, and before it left Panama HSBC transferred $12 million of suspicious money to Switzerland. It's manager at the time was rewarded with a UK ,honor, courtesy pf the British embassy, while the head of HSBC became a Lord. Meanwhile Google the laundering connections of Financial Pacific There are more, lots more in the newsroom files.. It's time Richard to delve more deeply before hitting the keyboard.. but maybe it's too late for an old dog to learn new tricks.

3 years ago
Richard Charron

Unless I missed something it doesn't appear that any Panamanian financial institutions were involved. It seems that this law firm was based in Panama and that's about the extent of Panama's involvement. The headlines in all the papers would lead you to believe that the country of Panama was involved in money laundering.

3 years ago
The comments are the responsibility of each author who freely expresses his opinion and not that of Newsroom Panama.
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