The Panama Papers: A Preview

By Paul Richard Brown

The recent Panama Papers saga is just getting started, and while the repercussions have been significant for many of the subjects of the various papers thus far disclosed, it is a moving target at this juncture. However, one would expect through time and review, the following will be uncovered:

1. Confirmation of what has been suspected, namely the sophisticated utilization of offshore jurisdictions and multi-layered shell entities to hide assets. The extent, depth and breadth of this scheme and plan remain to be uncovered.
2. The extent of utilizing foreign offshore jurisdiction “rule of law” (using the term loosely here); to strategically select favorable venues, not only from a structuring/formation perspective but also utilizing those jurisdictions that are politically favorable and supportive. Many of these jurisdictions have stringent confidentially/secrecy rules, as well as other favorable laws that permit asset seclusion.
3. The revelation of the manner in which seemingly legitimate “front entities” (i.e. law firms, CPA firms, and market makers) are utilized to wash “dirty assets,” or conceal assets from legitimate creditors.
4. With proper education and presentment of the above, potential opportunities exist to assist in identification, freezing, seizing and ultimately recovering assets for those legitimate and lawful creditors (BK creditors, receivers, businesses, banks, harmed individuals, governments to name a few).

Could the USA be the next asset haven?

Paul Richard Brown has extensive experience in asset recovery and financial fraud matters, including recovering assets that have been moved outside of the United States. He has secured assets by working with local counsel and an international team of investigators in 20 U.S. states and 20 foreign jurisdictions, including Belize, Isle of Man, Switzerland, Panama, France, Portugal, North America, and the Caribbean.