Charges announced on an accountant, a lawyer, and an asset manager on acting as enablers for Money Laundering
Charges were announced against Panamanian Law firm Mossack Fonseca & Co. served as being intermediaries and enabled money laundering amidst the Panama Papers leak.
Charges were announced against four people which included an accountant, a lawyer, and the asset manager who led in the creation of shell companies, which were used to help client evade taxes, as alleged by the prosecutors.
The fourth person namely the client used to launder millions of dollars through shell companies and bank account, which were under the name of his mother. The alleged had also planned out on how to continue this activity even after the death of his mother.
According to Geoffrey Berman, the attorney for the US southern district said that “the defendants had a playbook which could send back untaxed money into the US banking system”.
According to Ms. Shruti Shah the President and Chief Executive of the Coalition for Integrity said that” the defendants had not performed effective due diligence but had also enabled the wrongdoing”.
German authorities had also raided the offices of Deutsche Bank AG over links to the Panama Papers and have agreed to cooperate with the probe.
Date: 12th December 2018