From the Tax Law Offices of David W. Klasing - The Individuals Listed in the Panama Papers are Starting to Get Convicted of Tax Crimes

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Tax Law Offices of David W. Klasing, PC

Apr 07, 2021, 06:37 ET

IRVINE, Calif., April 7, 2021 /PRNewswire/ -- It is rare when a tax crime is so pervasive that it spawns a theatrical recreation of the crimes using A-list actors. However, that is exactly the impact the groundbreaking the Panama Papers investigation had on readers when it was published in 2016. The Tax Law Offices of David W. Klasing is here to discuss the details of the Panama Papers investigation and the legal consequences of that investigation for those involved in the tax crimes at issue.

The Panama Papers refers to the Pulitzer Prize-winning investigation that looked into matters of alleged international tax crimes that centered around a law firm based in the country of Panama. Despite having 35 offices across the globe, the law firm of Mossack Fonseca was not widely recognized. However, it would later be discovered that this law firm played a major role in the alleged facilitation of tax evasion and other tax-related legal violations.

The investigation spearheaded by the International Consortium of Investigative Journalists (ICIJ) uncovered that the firm started by Jurgen Mossack and Ramon Fonseca allegedly helped politicians, well-known celebrities, drug and arms dealers, and others increase their wealth by using tax havens. Journalists were tipped off by an unnamed whistleblower who provided over 11 million documents such as bank statements and passport photos that were used when engaging in questionable business dealings.

As a result, many high-profile figures were arrested or forced to step down from their positions. For example, the Prime Minister of Iceland resigned, and the Prime Minister of Pakistan was eventually convicted for corruption. Mossack Fonseca would close its doors in 2017 amid the scandal.

The Panama Papers investigation and convictions serve as a reminder that taxpayers who seek to evade taxes using a complex scheme of offshore banking and non-disclosed foreign entities and investments may find that they face exposure. If you believe that you will be (or are) the subject of a high risk foreign account audit or criminal tax investigation, contact the dually licensed International Tax Attorneys and CPAs at the Tax Law Offices of David W. Klasing by calling (800) 681-1295 or scheduling online HERE.

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Public Contact: Dave Klasing Esq. M.S.-Tax CPA, [email protected]

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