Elsewhere online
April 11, 2016

'Panama Papers' Law Firm Used Red Cross Name to Hide Origin of Funds

Mossack Fonseca, the Panamanian law firm at the center of an international offshore-accounts scandal, used the names of charities, such as the Red Cross, to conceal the origin of millions of dollars in questionable accounts, according to the Associated Press. The law firm created entitles like the ”Faith Foundation" and other dummy foundations to hold shares in roughly 500 offshore companies, often listing the beneficiary as “the Red Cross.”

The AP cited France's Le Monde and Switzerland's Le Matin Dimanche, both of which wrote reports based on emails in the Panama Papers, leaked documents that have revealed tax shelters and shell companies held across the world by the wealthy, including government leaders.

There is no indication that the charities knew their names were being used by the law firm.