Panama Papers Offshore Banking Scandal Simplified
Offshore corporations are setup to avoid taxes and launder money and hide it fro nosy government and public prosecutors.
The Fusion reports;
As a “registered agent,” Mossack Fonseca provides the paperwork, signatures, and mailing addresses that breathe life into shell companies established in tax havens around the world — holding companies that often create nothing and sell nothing, but shelter assets with maximum concealment and a minimum of fuss.
Mossack and his business partner Ramon Fonseca, a powerful political leader and best-selling author in Panama, are captains in an offshore industry that has had a major impact on the world’s finances since the 1970s. As their business has grown to encompass more than 500 employees and collaborators, they’ve expanded into jurisdictions around the world – including parts of the United States.
Sources:
http://interactive.fusion.net/dirty-little-secrets/index.html
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