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Monday, April 04, 2016

#PanamaPapers: New Zealand's FMA the Breder Suasso conundrum Mossack Fonseca and Panama papers

*Search the #PanamaPapers Databases...

#Document Searches

"There are a couple of conditions," John Doe said. "My life is in danger, we will only chat over encrypted files. No meeting ever.
Why the Panama Papers Mossack Fonseca leaks really matters

It didn’t take long for the Panama Papers to claim their first high profile scalp Iceland PM resigns over panama papers leak

“The hidden wealth of some of the world’s most prominent leaders, politicians and celebrities has been revealed by an unprecedented leak of millions of documents that show the myriad ways in which the rich can exploit secretive offshore tax regimes. The Guardian, working with global partners, will set out details from the first tranche of what are being called “the Panama Papers”. Journalists from more than 80 countries have been reviewing 11.5m files leaked from the database of Mossack Fonseca, the world’s fourth biggest offshore law firm…”

*New Zealand Offshore FSPs are the result of a regulatory loophole that has created a running sore of fraud and money laundering, tainting New Zealand’s reputation. Here are pages and pages, four years worth of coverage, from the tenacious New Zealand journalist Gareth Vaughan.
In this post, we will take a walk through one well-documented case that exemplifies the New Zealand Offshore FSP horror, and the reputation risk for New Zealand, and then draw readers’ attention to a related but much bigger international offshore scandal, breaking this coming week, “Panamaleaks”.
Our stalking horse is Breder Suasso Limited, FSP number 360686, and the story starts in July 2014, just when New Zealand’s financial regulator, FMA, took over supervision of the FSP register from Companies Office:
Grace Haden, an independent standing for election in Epsom, raised concerns with the regulators about Breder Suasso, which is referred to on overseas websites as a New Zealand bank and as providing banking services, despite not being registered as one here.
She pointed to a photo on the Auckland-based company’s website, since removed, which featured a plush reception with an oil painting on the wall. In fact the company has a poky office with room for only a single desk and a line of filing cabinets down one wall.
Breder Suasso admitted the photo was faked for marketing purposes, a detail buried in fine print on the website....
The least good-looking thing is the resonantly-named Teodoro de Regibus, 100% shareholder of Breder Suasso Limited of New Zealand. Vaughan observes that de Regibus, a resident of Hitchin, UK, according to the New Zealand info on Breder Suasso, appears also to live in Mauritius, where he operates a licensed corporate services firm: Titan Corporate Services Ltd. He’s also the sole director of a UK Breder company.
His Hitchin address indicates another bit of pedigree: for 20 years, he was on the board of Mossack Fonseca & Co UK, and of RM Company Services, Mossack Fonseca’s UK subsidiary, based in Hitchin. This is of course the same Panamanian Mossack Fonseca found recently on Naked Capitalism supplying companies that facilitated government corruption in Brazil (Petrobras) and Malta (Panamagate) and a giant bank fraud in Moldova. That’s barely the start of it: vice.com’s 2014 article on Mossack Fonseca, The Law Firm That Works with Oligarchs, Money Launderers, and Dictators has much more. Even that’s not the end of it. Coming this week, there’s Panamapapers, a huge expose based on a massive email leak from Mossack Fonseca. It may start in Finland, but it certainly won’t end there:
New Zealand's FMA the breder suasso conundrum Mossack Fonseca and panama papers

Former Australian Tax Office (ATO) officials, directors banned by the corporate regulator and fraudsters are among the 800 Australians identified as being linked to companies incorporated by Panamanian law firm Mossack Fonseca. The Panama Papers leak is believed to be the biggest leak of confidential data analysed by journalists and shows that several Australians directly approached the shady law firm for help in hiding their identities and avoiding paying tax, reports the ABC. 
One electrician from Perth e-mailed the firm in June last year asking how they could help “reduce or zero my tax”.
Another named “Kriz” e-mailed inquiring about tax haven options that would provide “complete privacy and secrecy”.
The Warwick Farm Grandstand Motel in Liverpool, Sydney — a shady motel that offers rooms by the half day — was also among the active clients in the firm’s database.


The CRS study on international tax havens (pdf)

Note also the best coverage I have seen on #PanamaPapers


Recently, the ATO received data in relation to a Panamanian law firm containing names of a significant number of Australian residents. Currently we have identified over 800 individual taxpayers and we have now linked over 120 of them to an associate offshore service provider located in Hong Kong. ATO statement regarding release of taxpayer data


PANAMA PAPERS The secrets of dirty money Süddeutsche Zeitung. This is the main site; multiple stories.
Politicians, Criminals and the Rogue Industry That Hides Their Cash The International Consortium of Investigative Journalists. Allied site.
Panama Papers: Jurgen Mossack and Ramón Fonseca – the lawyers whose firm is at the centre of global controversy Independent. Mossack Fonseca sounds like one of Daenerys Targaryen’s significant others: “Hizdahr zo Loraq, Daario Naharis, and Mossack Fonseca….”
Intercept model, not Wikileaks model:
And now the mainstream:
Panama Papers: Mossack Fonseca leaks reveal Xi Jinping’s family links to offshore companies International Business Times. A refreshing change from Look! Over there! Vladimir Putin!
Massive leak exposes how the wealthy and powerful hide their moneyMcClatchy. NOTE: A story headlined “The new offshore haven: Wyoming” is coming up, but not yet online.
Panama Papers Live Update ThreadReddit. Sources, as they come online.
Exclusive: U.N. audit identifies serious lapses linked to alleged bribery Reuters

US Treasury Unveils New Steps to Limit Tax Inversions  

Setting up your own tax haven shell company takes 10 minutes  

 #Iceland's prime minister walks out of interview over tax haven question  

Secret offshore accounts help owners evade taxes  

Nordea bank investigated over tax haven scandal 

Panama papers: Mossack Fonseca 'helped firms subject to sanctions'  

A world of hidden wealth: why we are shining a light offshore  

World figures deny wrongdoing as 'Panama Papers' turn spotlight on taxavoidance

Panama Papers expose Government hypocrisy on UK tax havens, say campaigners 

NZ trusts prone to abuse - tax expert  

David Cameron's father 'ran offshore fund that paid zero UK tax for 30 years'  
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