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Panama Papers to Be Released May 9
ICIJ publication of the Panama Papers database will include
“more than 200,000 companies, trusts foundations and funds.”
By Michele
M. Palmer and Richard L.
Palmer
April 2016 | Updated
October 12, 2020 | More Articles
On April 26, 2016, the International Consortium of Investigative
Journalists (ICIJ) announced:
“On May 9 ICIJ will publish what will likely be the largest-ever release of
information about secret offshore companies and the people behind them, based on
data from the Panama Papers investigation. The searchable database will include
information about more than 200,000 companies, trusts, foundations and funds
incorporated in 21 tax havens, from Hong Kong to Nevada in the United States.”
With respect to the ICIJ’s earlier
assertion that it would not “disclose the whole database,” it is still unclear
whether the “more than 200,000” entities in the database to be released on May 9
will include all 214,000 companies. We anticipate that an incomplete release
would give rise to a cottage industry built around offers of vague traces of the
“entire Panama Papers,” the provenance of which could not be confirmed.
Investigation Opportunities
From our 18 years of experience in
private practice, we can attest to the fact that it is extremely easy for
offshore company owners to change – literally overnight – their registration
and banking arrangements. Therefore, the information in the Panama Papers
database is rather time sensitive when it comes to providing useful, actionable
intelligence, as clients will not wish to pay for purely historical information.
At the same time, we anticipate that
publication of the Panama Papers will lead to an increase in investigations of
offshore companies and accounts, as clients ask us to confirm the current status
or authenticity of that information.
Looking Ahead
While the damage to Mossack Fonseca
– the fourth largest foundation company for offshore companies and the owner of
the Panama Papers database – is certainly
significant, and some “cosmetic” changes in international and national laws
regulating offshore accounts will be passed, we do not expect a reduction in the
use of offshore companies.
Rather, we predict the implementation of heightened
security and multiple layers of ownership to further conceal ultimate beneficial
owners of offshore companies.
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To discuss a corporate intelligence or financial
investigation matter, or to learn more about Cachet International’s
investigative resources in your jurisdiction, contact
Michele Palmer by
email or at
602-899-3993. |
Copyright © 2016 by Cachet International, Inc. All rights reserved. This article or any portion thereof may not be reproduced
or used in any manner whatsoever without the express written permission of
Cachet International except in the case of brief quotations embodied in
noncommercial uses permitted by copyright law. This article does not constitute
a legal opinion or advice and should not be interpreted as such. |
