Panama law company located in BVI issues statement

Mossack Fonseca, the legal firm having an office in the British Virgin Islands, which suffered from the leak of its confidential financial services records, has issued a complete ‘Statement Regarding Recent Media Coverage’, trying to defend the reputation of the company and the countries involved in the international case, primarily the BVI as the country mentioned in most leaked data.

In the statement, the company mentioned the measures the BVI has taken to fight tax evasion: “Panama, the British Virgin Islands (BVI), and the United States have agreed to terms for financial institutions in their jurisdictions to comply with the US Treasury’s Foreign Account Tax Compliance Act (FATCA). This act ensures that American citizens with accounts in these territories declare and pay any taxes on income or investments earned in them that are due to the US Internal Revenue Service.”

The leaked documents show that Panama law firm incorporated more than 100,000 secret companies in the British Virgin Islands. There were also other companies registered in various tax havens. Mossack Fonseca stated it has limited ability to manage the use of these companies, and it regrets any misuse of its services and takes steps to prevent it. The company also said that allegations that it provides shareholders with structures specially designed to hide the identity of the real owners are ‘unsupported and false’.

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