After 5 years no lessons learned from Panama Papers

 
838Views 5Comments Posted 01/10/2021

 

Five years after the “ Panama Papers” revealed the activities of the Mossack Fonseca law firm, Transparency International (TI) based in Berlin, queries whether anything has been learned.

"Mossack Fonseca was just one of the many law firms that continue to operate as corporate service providers, incorporating companies in offshore jurisdictions on behalf of clients, acting as shareholders and nominee directors, and managing these companies for an annual fee," says TI, pointing to gaps in the regulations on corporate property and deficiencies and delays in the creation of a registry of final beneficiaries.

TI refers to the role of resident agents in the creation of offshore companies and the exchange of information. In the event of an investigation, the authorities request information from the corporate service provider and, "if they are lucky", this "will reveal the information in time, this information will be accurate and the provider will not notify its client in the meantime."

The note also refers to the lack of updating of the information and the fact that the authorities have to indicate the reason for which they are requesting the details about the owner, which can lead to the agents informing their clients.

"Five years on, it seems unthinkable that such a flawed model remains in force and that it be considered a viable option in a country's anti-money laundering framework."

One of Panama's bets to improve access and exchange of information is the creation of a registry of final beneficiaries. Although it was approved in March 2020 the Panamanian registry of final beneficiaries “only exists on paper”, while the “Government has not taken steps to adopt the regulation and it does not seem likely that they will take place in the near future ".

"Panama continues to rely on poorly supervised resident agents, and Panamanian companies continue to be considered a secret weapon to commit crimes and launder money," the note said.

The Panamanian Chapter of Transparency International has warned that the regulation, as it stands, has gaps that will affect its effective implementation, such as its limited access -the proposed registry would be private and not public- and the lack of responsibilities to ensure the veracity and accuracy of the information provided.

The Panamanian organization has also questioned that the bill does not include the General Directorate of Public Procurement as one of the competent authorities to request information from the registry and has stressed that the focus should not only be to provide information when required by authorities. foreign countries, which in turn is linked to Panama's efforts to get out of the Financial Action Group's gray list, but to take advantage of them internally to promote transparency in the country.

 “An effective beneficial ownership regime would do much more than help Panama remove its name from the gray lists. There is growing evidence in countries that have already put in place effective beneficial ownership disclosure systems that such a system would also help authorities to be better equipped to detect and combat corruption, conflicts of interest in public procurement It would also support businesses and help increase trust and integrity in the business and financial sectors. "

 

 



Comments 5

user
George Klk

Panama: Former Panama President Martinelli Strategies Working. Facts: 1. Martinelli, a business tycoon needed... CASH AND INFORMATION. 2. Martinelli, needed a key contact man... Chichi De Obarrio. 3. Chichi De Obarrio supplied Martinelli the Cash needed for gathering the information. 4. Martinelli used the... CASH / PAN... to purchase a $14 million Israel Pegasus spy equipment. 5. Martinelli used Pegasus to spy on his political adversaries... Judges, Lawyers, Journalist, Businesses. What does this mean? Facts: 1. Martinelli used the Panama State funds to obtain illegal information. 2. Martinelli used State funds to leave for the United States and hide his money through... purchase of a Florida, USA mansion and yacht and banking secrecy accounts. 3. Martinelli now has money laundered... CASH... and ready for use against his legal adversaries. 4. Martinelli now needs to get re-elected and will use his new found money for a new political party. 5. Martinelli political party provides Impunity against any further legal prosecutions while in power. 6. Martinelli has not been indicted. 7. Chichi De Obarrio has not appeared in a Panama court for the Pegasus link with Martinelli. Martinelli re-election will seal his dictatorship. Facts: 1. Martinelli will attack his adversaries with defamation lawsuits and over turn cases against him. 2. Martinelli will enter more banks, state the... BOSS... and obtain untold sums of money. 3. Martinelli will envite more Mafia leaders from Italy and run... ALL... the financial and economy of Panama. 4. Martinelli will make threats against the U.S.A. to bargain the release of his alleged criminal sons. At this point... Martinelli will have to lie about the circumstances involving the case of his sons. The United States will sanction Panama and China / Russia will fill the void for Panama. Martinelli will go to extreme to become a powerful dictator to assure impunity and... self - enrichment wealth for himself and his underground front men operatives. The facts of the former Panama president Martinelli and presidents after him without the slightest concern for these alleged criminal actions with excessive state spending with the complicities of the Panama National Assembly indicate a strong underground... Mafia forthcoming control in the very near future for... Panama. This is basic history of the crimes that led to the Venezuela dictatorship with only the reliance on oil and now China and Russia are only to happy to make a deal with the Venezuela dictator... Maduro! Maduro... a former - BUS DRIVER - slaughtered 9,000 protesters! When will Panama finally get the picture and understand the corruption and gang killings?

13 days ago
user
George Klk

Panama: Captain, Incomprehensible... Still does not understand! Captain, you will notice no paragraphs, you must know this on your own. No, paragraphs, no separation of subject matter in any way. No, editing, no corrections to clarify minor subjects of confusion. Facts are not meant to create a wonderful story from beginning to end. Facts are meant to illustrate numerous chronological events. Captain, this requires some analytics from the readers to organize the subject matter with memory. Confusion from a Satirical point of view can seem gibberish, I understand! Not everyone will understand the technical and factual unorganized text of my information due to non-existent editing that was permitted at one time not long ago! Not all editing was comprehensive enough to begin with the basics like paragraphs. The reason? Takes up to much valuable space! I have this much of an understanding and work with what I have! The incomprehensive gibberish you refer to is complicated by the fact... you do not take the time to understand the lack of editing that is out of my control! So... stop blaming me for your lack of comprehension. What is incomprehensible is the matrix of complete incompetence in everything... Panama. Except... the foreign control of our Panama Canals and ports, why? Because, people like you Captain do not take the time to understand certain subject matters of Panamanians because we're not worth the time. I understand you have a restaurant business so your attention span may be limited to individual who take their time to go over the many, many years of elaborate sophisticated foreign political underground control of Panama's entire economy and financial system for the Italian... self - enrichment game! Now, I also understand you may have a little bit of that Italian wine from your Italian restaurant. You, probably know more about the Italian... solution for Panamanians than I do? There is no need for paragraphs here and I do believe when referring to you... you will understand perfectly [clear]! I will need to go over some Italian jokes for you, there must be plenty of them! Italians and some Nazi jokes perhaps? Now, you understand!

2 weeks ago
user
Captain

Conclusion is that George doesn't like Italians. Not sure why but any chance to appear here and knock them he will grab it. I only skimmed what he posted so may have that wrong. As usual his posts are completely incomprehensible..At least he has stopped going on about Chinese restaurants on canal bridges

2 weeks ago
user
George Klk

Panama: Yanibel Abrego May have a... Guaranteed Re-election Term. News reporting indicated... Yanibel Abrego has mysteriously increased the monthly salaries of 28 deputies to... $51,000. $51,000 to aid in her re-election campaign and follow a possible new... Martinelli party in his re-election campaign for Panama president. No word on the mention of this new party with his pending alleged criminal trial. Martinelli will need to take drastic action as he continues with his crime spree of complete control of Panama's economy and finances through key front men figures for the ultimate slam dunk dictatorship.

15 days ago
user
George Klk

Panama: Panama Paper More than Tax Evasion. Panama Mossack Fonseca is not about... [evading taxes]! Think about it, missed the point? Panama Mossack Fonseca is about... a foreign takeover of the whole financial system! Domino effects of taking over the whole gamut of a small isthmus $billion economies! Underground operations from all front men professional institutions including financial! Panama Canal Expansion constructed through an Italian consortium in charge! Panama National Assembly: Italians controlled parties... evidence with Italian names! a. Panama presidents Italian name: Cortizo - Varela - Cortizo. b. Former State Secretary: Chichi De Obarrio. c. Former Panama National Assembly President: Yanibel Abrego. d. Panama National Assembly President: Democratic Change Party. José Muñoz Molina 2010 2011 Democratic Change Héctor Aparicio Díaz 2011 2012 Democratic Change Sergio Gálvez 2012 2014 Democratic Change Adolfo Valderrama 2014 2015 Panameñista Party Rubén De León Sánchez 2015 2017 Democratic Revolutionary Party Yanibel Abrego 2017 2019 Democratic Change Marcos Castillero 2019 2021 Democratic Revolutionary Party Crispiano Adames [1] 2021 Incumbent Democratic Revolutionary Party Source: Wikipedia <> Former President Martinelli began his term in office: 2009. Panama National Assembly was controlled by the... Democratic Change: 2010 - 2014. Democratic Revolutionary Party: 1979 - 1989. 1984: 71 Deputies received new vehicles for their... [Dignity] Benicio Robinson's recent statement wanted to revive the use of free vehicles for all 71 deputies. Democratic Revolutionary Party: 2019 - Present. Crispiano Adames 2021 Incumbent Democratic Revolutionary Party Source: Wikipedia <> Crispiano Adames was associated with the [Molirena Party during a Mafia lottery scandal]. Yanibel Abrego: Claims she is a... Poor Fisherman's Daughter with a vast property underground business operation in which aerial view indicates destruction of property with potential rainfall erosion and deadly mosquito breeding grounds, due to the sale of her property dirt at the expense of resources from the Panama National Assembly in which she was the former president. Abrego's servants are paid for at the expense of the Panama National Assembly! Panama appears to be interested in more than tax evasion for their underground operation. Opportunities exists for the use of professional front men in politics and financial institutions with major infrastructure projects for the elite controlling economic wealth creating a national debt for the state. An Italian name Ferrugia, a head banker was used by former president Martinelli with a... $30,000 pact to operate from an off shore island headquarter for Panama's financial economic and maritime demise! The purpose to control Panama's financial institutions to the extent... former Panama president demanded money by walking into a financial institution and stating the... BOSS... to receive untold sums of money at Panama's expense! This illustrates and demonstrates with Panama's legal system... corruption. Martinelli's abets underground operation for complete control of Panama with the use of organized criminal operations with sophisticated mafia key persons. Former Panama president Martinelli visited Italy early in his administration and invited the former prime minister of Italy... Berlusconi to Panama for further legitimate underground operations. Former Panama president Martinelli has not been indicted for any of his numerous financial crimes with his sons, now awaiting extradition to the United States for alleged money laundering with $28 million due to their father, Martinelli. Martinelli presently challenging the alleged crimes of the use of Pegasus spy equipment against his own political adversaries, lawyers, judges, journalists and business men. Pegasus spy equipment bought and paid for through the state agency... PAN / $14 million. Martinelli wants a new political party for the purposes of a re-election campaign for another term of President of Panama while he enjoys - [impunity] - from his membership as a deputy with the Gauatemala Parliament a widely known corruption criminal organization! Martinelli once stated... A Den of Thieves!!! Panama... More than Tax Evasion!

15 days ago
The comments are the responsibility of each author who freely expresses his opinion and not that of Newsroom Panama.
Please enter a valid email.
Please enter username.
Please, enter a valid message.
Please validate that it is not a robot.