Juergen Mossack, who partnered with Ramon Fonseca to create the Panamanian firm Mossack Fonseca, said in a document that the number of tax shelters has been decreasing in many tax havens while raising in the US jurisdictions such as Delaware or Nevada.
Since the Panama Papers, Panama changed its legislation and joined the international fight against tax fraud. Law firms in Panama have been required to undertake due diligence since 2015. According to the Panamanian economy ministry, the creation of offshore companies fell 27 per cent in 2016 from the prior year.
Mossack said US jurisdictions have zero transparency, which is why there has been an increase in clients creating tax shelters following the Panama Papers scandal. “Whilst Panama tries hard to be whiter than white, others are profiting,” he wrote.
Juergen Mossack and Ramon Fonseca were freed on bail of $500,000 each, their lawyer, Marlene Guerra, told AFP. They had been detained since February 9 in relation to an investigation over the money-laundering allegations tied to the bribery affair in Brazil, known as the “Car Wash” case.
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