US Justice Department analyzing Panama Papers

 
1,252Views 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.