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Panama Database released: Are you at risk? (Grant Thornton)

Panama database released: are you at risk?

On 9 May 2016 The International Consortium of Investigative Journalists are set to release a searchable database of the information obtained from the recent data leak from Panamanian law firm, Mossack Fonseca (MF).

Any individual who has been associated with MF during the last 40 years, either directly or even indirectly through their relationships with over 14,000 banks and law firms worldwide, could have their identities exposed as ordinary members of the public will be able to access that information relating to their until now ‘private’ affairs, including MF’s own internal records. The database may allow the ultimate beneficial owners of all offshore (not just Panamanian or British Virgin Islands) entities created and/or administered by MF to be identified.

We have seen in recent weeks the impact of MF disclosures have had on politicians and celebrities alike, ranging from resignations to explanations of the origins and UK tax impact of structures. The media has not always understood the true tax effect of some of these structures but it has certainly made interesting headlines.

HM Revenue and Customs, and other tax authorities worldwide, will now have access to unprecedented levels of information which they will use to shape their offshore tax compliance programmes.

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