28/5/2016

Mossack Fonseca to close offices in Jersey, Gibraltar and Isle of Man | UK news | The Guardian

Mossack Fonseca to close ofces in Jersey,

Gibraltar and Isle of Man
The law rm at the heart of the Panama Papers is closing its ofces in the British-dependent
territories with great regret
Agence France-Presse
Saturday 28 May 2016 04.30BST

The law rm at the heart of the Panama Papers revelations has decided to close its
oces in the British-dependent territories of Jersey, Isle of Man and Gibraltar.
Mossack Fonseca will be ceasing operations in those territories, but we will continue
serving all of our clients, it said.
This decision has been taken with great regret, as Mossack Fonseca has had a presence
in these locations for more than 20 years, the Panama-based law rm added.
The oce closures were part of a strategy to consolidate our service oce network, it
said.
The announcement came nearly eight weeks after the rst reports about the Panama
Papers emerged, divulging details taken from nearly four decades of records from
Mossack Fonsecas computer archives.
They revealed that many prominent leaders, politicians, celebrities and wealthy
individuals around the world used Mossack Fonseca to start up or run oshore entities to
hold their assets.
Although oshore companies are not in themselves illegal, the sudden publication of the
information drew attention to possible tax avoidance and money laundering crimes in
some cases, and embarrassed some gures trying to keep their nances secret.
The Twitter statements did not mention a report earlier in the week that Mossack
Fonsecas aliate in the US state of Nevada has resigned as the agent for 1,000
companies it administered there.
MF Corporate Services, based in Las Vegas, led notice that it is to resign as registered
agent for all 1,025 entities on its books, the Nevada secretary of state said on 23 May.
Mossack Fonseca also remains under investigation in the British Virgin Islands, the
countrys nancial regulator conrmed this week.
The BVI Financial Services Commission said on Tuesday it had asked the law rm to
appoint a qualied person to oversee its operations and submit reports on its conduct.
http://www.theguardian.com/uk-news/2016/may/28/mossack-fonseca-to-close-offices-in-jersey-gibraltar-and-isle-of-man

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28/5/2016

Mossack Fonseca to close offices in Jersey, Gibraltar and Isle of Man | UK news | The Guardian

The leak of 11.5m documents from Mossack Fonseca, obtained by the German
newspaper Sddeutsche Zeitung newspaper and shared with newspapers including the
Guardian by the International Consortium of Investigative Journalists in Washington, has
led to the resignation of the Icelandic prime minister and political scandals in Argentina,
the UK, Malta and Pakistan.
More news

Topics
Jersey Gibraltar Isle of Man Tax havens Channel Islands Europe
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