The publication of the confidential documents of Panamanian law firm Mossack Fonseca on offshore transactions caused a stir in global financial markets and has led to loud political statements and events.
From “the Panama document” that Mossack Fonseca, in some cases, helped clients launder money to avoid sanctions and evade taxes. In the securities of the company referred to 72 former and current heads of the various States.
Shortly after the publication of scandalous documents of the Prime Minister of Iceland Sigmundur David Gunnlaugsson resigned, and the authorities of France appealed to the Organization for economic cooperation and development (OECD) placed Panama in the “black list” of offshore zones.
Russian service Bi-bi-si asked economists to assess the possible influence of the “Panama scandal” in the global offshore business.
Eduard Savulyak, head of Moscow office Tax Consulting UK
Loud offshore scandals broke out in the world before, so I don’t expect any global changes. Don’t forget that offshore companies per se are not prohibited neither in Russia, nor in Britain nor in Italy or Finland. Certain political forces and the world’s media just wants to hype the situation, and they succeed.
To actually register a company in today’s world it is possible for anyone. People may not know that he registered the company, and then he will be difficult to prove that it is not his company and he does not control. Direct evidence that some high-ranking political personalities-we own or manage, are almost nonexistent, there is mostly indirect evidence.
I can imagine that in two weeks this scandal will come to naught. Offshore business will live on and on because in itself it is nothing serious. The questions we must ask are not offshore companies and respectable banks from the U.S., Britain and other countries conducting dubious operations.
Banks must know their customers and their transactions, so where were they looking when you opened the offshore account is a great question.
Vladimir rojankovski, Director of analytical Department of investment group “Nord-Capital”
Now we are witnessing serious tectonic shifts in the global system of offshore tax havens. The resignation of the Prime Minister of Iceland – it is a really loud event. Most likely, was running a kind of an information time bomb, which will be slow and long running.
This trend is understandable, as the world shrinks, the money supply, governments do not have enough money, and they are forced to seek additional funds. Perhaps there is a whole series of loud scandals in the center of which will be powerful. Time that the sleeping dragon has awakened, and now he will scare everyone.
I think we’re in for a world redistribution of offshore companies. If today they are all well known now, most likely, these offshore harbour will be “floating”. It is possible, will form a virtual offshore companies on the Internet that will not fall under the jurisdiction of any country.
Offshore company in small island States is likely to work in isolation and quiet. If until recently the offshore companies touting themselves, made presentations, organized conference and publicly prove its advantages, it is now time of international PR and marketing offshore is likely gone for good.
Alexander Khandruev, Vice-President of Association of regional banks
Over the past 15-20 years a lot has been done in order to limit offshore business: Switzerland has gone for the partial restriction of Bank secrecy, many countries have tightened laws against money laundering, improving international cooperation in this area.
But do not forget that offshore zones are used not only for tax evasion. In those countries where widespread raiding and where it spliced with gossektore, have resorted to offshore companies to protect investments and their business.
On the one hand, such exposure might be a step forward, but on the other hand you can see some plot, and this scandal can be used primarily for political purposes.
A real job with money laundering involves the creation of legislative conditions and special institutions that help to monitor these processes. Over the past 15 years there has indeed been great progress.
