law firm at heart of panama papers a shadow of its former self
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

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

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleLaw 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

themuslimchronicle
themuslimchronicle

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

 



Themuslimchronicle, themuslimchronicle

GMT 09:23 2017 Wednesday ,19 April

1105 food baskets distributed in Yemen

GMT 09:35 2018 Monday ,08 January

Trump marijuana policy reversal stokes fears

GMT 11:09 2017 Saturday ,16 December

Russia poses risk to undersea cables: UK defense chief

GMT 09:56 2017 Thursday ,02 November

Digital subscriber gains rev up NY Times profit

GMT 01:38 2016 Thursday ,29 December

Iraqi President meets Kuwaiti Foreign Minister

GMT 17:37 2017 Tuesday ,21 February

Le Pen refuses to wear veil, fails to meet with Mufti

GMT 01:48 2016 Monday ,13 June

Pioneering solar pilots 'make sci-fi a reality'

GMT 18:45 2016 Wednesday ,21 December

Several Qaeda militants killed in drone strike

GMT 07:28 2018 Thursday ,11 January

As US freezes aid, Pakistan dismisses economic fears

GMT 11:14 2017 Sunday ,12 March

My video is flagrant but smashed the charts

GMT 09:21 2018 Wednesday ,10 January

unveils London boutique and appoints MG Empower

GMT 07:48 2018 Thursday ,04 January

L’Oréal Professionnel unveils Alexa

GMT 07:41 2017 Saturday ,19 August

Brief tourism impact from Spain attacks

GMT 00:02 2017 Friday ,22 December

UK-Iranian prisoner could be released

GMT 21:53 2016 Tuesday ,14 June

Israeli tech second only to Silicon Valley

GMT 00:25 2017 Friday ,27 October

Ex-HSBC executive can face US extradition: UK court

GMT 07:44 2017 Wednesday ,20 September

Iran asks award-winning film-maker to report to prosecutor

GMT 10:34 2017 Saturday ,11 November

Politics free? Even country music awards poke Trump

GMT 07:59 2017 Sunday ,17 December

Embassy in London marks Accession, National Days
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle