Mossack Fonseca - Panama Papers - offshore leaks

The news of the leak of an offshore registration office run by Mossack Fonseca (actually two people, Jürgen Mossack and Ramón Fonseca) has many people worried. I would now like to shed some light on this news from a slightly different angle.

There have been two major data leaks recently, which is a very sensitive issue in the offshore industry.

The first happened about a year ago, where they systematically infiltrated a large company in the British Virgin Islands, one of the most popular locations for offshore company founders for almost 2 decades. This is clear data theft.

The second one has been on the agenda for a few months all over the world, but it is not yet clear exactly how it happened. It has had serious repercussions and consequences, and we are still receiving a lot of information about it in the media. In my opinion, the people who have committed or are committing a crime here are those who steal data, those who get confidential data into unauthorised hands, and those who make this non-public and stolen data public. It is a crime all over the world. Setting up and owning an offshore company is definitely not a crime. What one does with an offshore company, what one uses it for, is not the fault of this genre. I ask why, with billions in VAT fraud, the media does not think that it is illegal to set up a Hungarian company because it can be used for VAT fraud.

Panama documents by number

Out of 12,000,000 documents, they found, they could have found a few hundred or a few thousand documents that could be suspected of criminality, corruption, fraud??? out of 12,000,000 documents. Let's look at that many companies in Hungary, or in any other country in the world, and draw conclusions.

To return to the issue that may be of concern to our clients or prospective clients. Fortunately, our clients are not affected in any way in these matters, unlike some of the large Hungarian offshore incorporation firms and law firms who are seriously affected. Unfortunately, these competing firms and their clients are victims of crime, and I hope that one day there will be consequences. Mossack FonAkikers curious to know if they are involved can check the link below to see if there is any information about them or their company in the database:

https://offshoreleaks.icij.org

Of course, if you have any questions, we are at your disposal by phone, e-mail or in person.