The raid by the Panamanian police is supposedly looking for evidence of illegal activities by the law firm.
Late on Tuesday, Panama’s Attorney General has raided the offices of Mossack Fonseca, a law firm, in search for evidence of illegal activities, said the Panamanian authorities in a statement.
The law firm, Mossack Fonseca, which specialises in setting up offshore companies, is at the centre of a scandal labelled as the “Panama Papers” wherein its leaked documents have drawn spotlights on the shadowy world of offshore companies, to the great embarrassment of the wealthy and powerful.
The firm has been accused of tax evasion and fraud. Panama’s national police has described the raid as a search for documentation that “would establish the possible use of the firm for illicit activities.”
Under the supervision and control of Javier Caravallo, who specialises in money laundering and organised crimes, Panama’s police officers had begun gathering around the company’s building in the afternoon.
Mossack Fonseca, did not respond to requests for comments.
Its founding partner, Ramon Fonseca, had said earlier, that the company did not break any law, nor destroy documents. All of its operations were in fact legal.
After a hack which detailed how the rich and powerful people of the world hide their funds and furnished 11.5 million documents spanning a period of 4 decades, the Panama Papers, have the potential for serious financial implications for the wealthy and powerful across the globe.
So far, the papers have revealed the financial arrangements of China’s President Xi Jinping, friends and family of Russia’s Vladimir Putin, relatives of Pakistan’s and British Prime Minister as well as the president of Ukraine.
Categories: Economy & Finance, Geopolitics, HR & Organization, Regulations & Legal, Strategy, Uncategorized
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