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BРУAБNРKИINКGА
Igor Davkov
The holds a PhD in the field of
monetary economics and finance
KYC – KNOW YOUR
CUSTOMER)
New scandal shakes the world global law offices similar to Mossack Fon-
public. After the announce- seca in a package with a director who will
ment of the so called “Panama sign their documents and with the assis-
documents”, what was maybe tance of the other mediators in the milieu
clear to all of us, became even of the offshore business, will help them re-
clearer, “criminals always are and always alize their business deals. Hence, with the
will be few steps ahead of the ones who mediators around them, conducting their
implement laws.” However, what is tragic business deals, every year they pay less tax
is that the documents indicate something and they become richer while all the oth-
even worse. It is the indications that the ers become increasingly poor. For this rea-
whole mess involves people whose posi- son we should not be surprised for such
tions and functions should be a role model a distribution of wealth in the world and
for everyone who voted, everyone who why a small group of people in the world
work in their companies, banks, law of- controls an increasing part of the official
fices, crying fans when the team with wealth in the world.
their favorite player loses the game etc. It
seems like an infinite list. This is under- What particularly astounded me, read-
standable considering that the documents ing about the history of Mossack Fonseca
which “leaked” contain information for is their mobility in all possible tropical is-
as much as 240,000 companies-shell and lands from the South Pacific to the Atlan-
offshore companies founded for different tic. The example how this law office man-
purposes through all “tropical locations” aged to create an offshore heaven from
worldwide. Not only that these countries, Niue in the South Pacific is very interest-
islands, bays and channels are a desired ing. Niue is a small place in the South Pa-
holiday destination for the rich, as one can cific where approximately 2,000 people
see these are also a useful asset to pay less live. The law office was the one that wrote
tax or to avoid taxation, or to hide the ille- the regulations on registration of offshore
gally acquired corruption money… all the companies in this region, later on adopted
way to illegal trade of weapons, narcotics by the authorities in Niue, and in return it
and people. Hence, the foreign criminals, bought an exclusive twenty year franchise
dictators, corrupted politicians and rich for registration of such companies from
people for several thousand dollars can this region. Hence, in the period until this
buy a company established by Mossack region becomes part of the black list of the
Fonseca or some of the other four or five United States, due to registration of com-
panies with suspicious Russian capital,
44 May 2016
