Mossack Fonseca has a Singapore office
Mossack Fonseca, the Panamanian law firm at the centre of the document leak, has an office in Singapore, according to local media.
The Panama Papers are documents which were leaked from a Panama-based law firm called Mossack Fonseca, which sells anonymous offshore shell corporations around the world. These shell companies then allow their owners to cover up their business dealings, shady or not. The Panama papers revealed how the world’s richest hide their money.
Local media added that the Mossack Fonseca office space in Singapore is shared with TPS Corporate Services, a firm that helps clients set up and manage companies in different jurisdictions, both onshore and offshore.
Mossack Fonseca’s Singapore office chairman is Mr Peter Tay, who also happens to be the founder and executive chairman of TPS Corporate Services.
Singapore is a tax haven
Singapore is one of the 21 jurisdictions named by the Panama Papers as a tax haven used by Mossack Fonseca.
The International Consortium of Investigative Journalists (ICIJ), which leaked the Panama Papers said that Mossack Fonseca has worked with more than 14,000 banks, law firms, company incorporators and other middlemen and intermediaries to set up companies, foundations and trusts for customers.
Mossack Fonseca worked with intermediaries in more than 100 countries. Of these, Singapore was named one of the countries that had one of the most active intermediaries in terms of the number of offshore company incorporations.
Singapore was ranked number 9.
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