Panama Papers law firm created more than 1,000 companies for clients

Panama Papers

Mossack Fonseca, the law firm at the center of the Panama Papers scandal, helped create more than 1,000 companies in the United States.

1,026 companies were created by a Las Vegas-based subsidiary of the firm. Many of the companies created over the last 15 years have been since been dissolved.

Documents leaked from the Panama-based Mossack Fonseca have revealed the hidden offshore holdings of powerful individuals and companies from more than 200 countries and territories.

The reports were leaked by the International Consortium of Investigative Journalists. Already revealed are reference to 12 current or former world leaders, as well as 128 other politicians and public officials.

MF Corporate Service, located in an office park near the Las Vegas airport, lists officers in Panama, British Virgin Islands, and Seychelles. Those areas are considered tax havens.

While shell companies are not illegal and US citizens are allowed to create offshore accounts, those organizations can also be used to hide finances while helping rich individuals dodge taxes in their home country.

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Mossack Fonseca previously said the leaked documents “have misrepresented the nature of our work” and denied that many of the people named by the reports were its clients.

Court documents show that MF Corporate Services offered “kits” that allowed clients to incorporate in less than 24 hours. Only one employee worked in the company’s Las Vegas location.

Mossack Fonseca operates approximately 40 offices around the world.

Written by Lisa Huyhn

Lisa Huyhn

Lisa Huyhn is the Politics and Military & Defense Editor at BusinessPundit. She is a fiercely independent voter who believes in full transparency in politics & general government activities. You can reach her at Refinance Student Loans.