Mossack Fonseca: Jersey Targeting New Finance Sector Opportunities

Mossack Fonseca - Jersey is "the right place with the right people" to establish itself as the go-to location for innovative global banking, a recent event hosted by Jersey Finance heard.

Hugh Harper, a Partner at EY, delivered the keynote address at Jersey Finance's Annual Review breakfast event on January 28. Harper took the opportunity to discuss new research that outlines the potential for Jersey to adopt a new approach to banking. Citing the cooperation between Jersey's finance industry, regulator, and government, combined with the jurisdiction's unique advantage of a stable banking sector, he outlined how Jersey's commitment to a digital economy could help it create a sustainable, highly digitized banking model. The full 'Future of Banking' report is expected to be finalized by the second quarter of this year.

During an introduction to the event, Geoff Cook, the CEO of Jersey Finance, described 2015 as another solid year for the finance industry, highlighting the upward trend in industry employment. He highlighted ongoing efforts to differentiate Jersey from other international financial centers, stating: "We remain focused on strengthening Jersey's competitive position through innovation and research and, alongside the major Future of Banking project to be finalized this year, we will be producing a new report entitled 'Jersey's Value to Europe', which will clarify Jersey's role in contributing to jobs and growth within the EU. A new piece of work to clarify the finance industry's contribution to the local Jersey economy will be completed too."

"The growth we have seen across our funds, private wealth and capital markets sectors, together with the investment we are making in diversifying and enhancing our banking platform, stands us in very good stead, and we are seeing growing interest from fund managers and family offices in establishing a presence in Jersey. All this is filtering through to the local economy, with firms in the industry predicting a rise in employment for local people over the coming year and the industry recruiting more local students than ever before."

"There will always be regulatory, market, and political challenges but the quality and diversity of Jersey's finance industry positions us very strongly indeed."

Mossack Fonseca: GAFI saca de lista gris a Panamá

Mossack Fonseca - El Grupo de Acción Financiera (GAFI) autorizó la salida de Panamá de su lista gris, en la que había sido incluida desde junio de 2014. Así lo informó este jueves el ministro de Economía y Finanzas, Dulcidio De La Guardia a través de su cuenta de Twitter.

Una delegación de Panamá, encabezada por De La Guardia, se encuentra en Francia participando en la plenaria del GAFI, que culmina este viernes 19.

El titular del MEF calificó la decisión como un "triunfo" para Panamá, destacando el trabajo conjunto del sector público y privado. "Esto permitió la aprobación y aplicación de una nueva regulación que coloca a Panamá a la vanguardia en materia de la lucha contra el blanqueo de capitales", expresó.

A principios de año, un equipo técnico del GAFI realizó una visita de tres días a Panamá para verificar el "in situ", el cumplimiento de las normas contra el blanqueo de capitales, financiamiento de terrorismo y la proliferación de armas de destrucción masiva.

Entre las medidas implementadas por el Gobierno de Panamá se encuentra la creación de la Intendencia de Regulación y Supervisión de Sujetos No Financieros, y la reglamentación de la Ley 23, que adopta medidas para prevenir el blanqueo de capitales.

El Grupo Revisor debía presentar un informe con los resultados durante la plenaria.

Mossack Fonseca on Panama Seeks to Develop its Own Version of FATCA

Panama has asked the Group of 20 States (G20) to acknowledge its right to develop its own model for the automatic exchange of information―without involving adverse actions―based on the sovereign right of each country to adopt a position relative to its unique situation―even if such position is not the same as that of the majority of the jurisdictions.

The request made by Panama to the G20 occurred prior to the scheduled meeting of the finance ministers of the G20 to be held February 26-27 in Shanghai. The deputy vice minister of foreign affairs, Farah Diva Urrutia, met with the ambassadors of the G20 countries who are stationed in Panama.

According the Ministry of Foreign Affairs, Panama is proposing to develop its own, unique model of information exchange.  This model will be based on the condition of reciprocity, protection of the basic guarantees for users of the Panamanian platform of services, mutually beneficial tax agreements, and the existence of a legal framework protecting confidentiality and assuring that the information is used in a proper manner―similar to the FATCA program instituted by the United States.

International organizations such as the G20 and the Organization for Economic Cooperation and Development (OECD) have put pressure on Panama to sign a multilateral exchange of information agreement. To date, over 90 countries have committed to exchanging information with each other, but, at the same time, several have not agreed to multilateral, unrestricted exchanges.

Panama’s position on the exchange of information was set forth by Juan Carlos Varela, the President of Panama, at the UN General Assembly last year. President Varela stated that Panama is committed to the exchange of information by means of bilateral (not multilateral) exchanges (with certain conditions), and he reserved its right to choose with whom to negotiate such agreements.

Mossack Fonseca Colombia participa de las Jornadas Tributarias en Medellín

Nuestros colegas de Mossack Fonseca Colombia estuvieron en el evento en Medellín, donde asistieron 350 personas de los gremios en temas tributarios mas importantes del pais como son los contadores, revisores fiscales y abogados tributarios organizada por la la Dirección de Impuestos y Aduanas Nacionales (DIAN).

Fundada en 1977, el grupo de Mossack Fonseca es una empresa global que proporciona servicios de contabilidad, fideicomiso y legal integral.

Con más de 500 miembros en cada continente, grupo Mossack Fonseca ofrece excelentes servicios basados en más de 35 años de experiencia. Como parte de su valor añadido, el grupo ofrece asesoramiento personalizado y una experiencia en línea de clase mundial a través de un Portal virtual del cliente que está disponible 24 horas al día. Nuestra aplicación cliente información Portal web permite a los clientes de las empresas en línea, verificar el estado de las empresas y pagar las facturas, además de otras transacciones.

Edificio Mosfon

Oficina central,

54th street, Marbella

Panamá, República de Panamá

Tel: (507) 205.5888

Sitio web:

Mossack Fonseca: China Opens Bond Market to Individual Investors

Mossack Fonseca - China’s central bank allowed individual investors to purchase all types of bonds over bank counters beginning 14 February 2016. Individuals with annual incomes of more than 500,000 yuan ($76,500), 3 million yuan of financial assets, and over two years of securities investment experience can now buy any bonds they like over the counter. Previously, only certificate treasury bonds were available to individuals.

The new policy aims to boost the bond market and direct financing. China’s bond market boomed in 2015 due to government policies aimed at diversifying corporate financing channels. Approximately 22.3 trillion yuan of new bonds were issued last year, almost double the sum in 2014.

Mossack Fonseca on Powerful US Congressman Proposes Massive Tax Overhaul

House of Representatives Ways and Means Committee Chairman Kevin Brady (R – Texas) has disclosed that, under his leadership, the Committee will immediately draft US international tax reform legislation, while laying the framework for more comprehensive tax reform in 2017.

On February 12, 2016, Mr. Brady delivered the keynote address at the Tax Council Policy Institute's 17th Annual Tax Policy & Practice Symposium, and confirmed that, "in the months ahead and beyond, the Ways and Means Committee will be the center of the tax reform discussion and debate. … The code we have is too costly, complex and unfair. It is abundantly clear that now is the time to overhaul our tax system from top to bottom".

Chairman Brady’s proposed changes include:

  • Making the tax code simpler, fairer, and flatter
  • Replacing the current world-wide tax system with a permanent, modern territorial-type system
  • Closing loopholes, eliminating special rules and limiting deductions, exclusions and credits
  • Providing businesses both large and small with a competitive tax system, including a fair and competitive tax rate
  • Encouraging businesses to locate their operations in the United States rather than incentivizing (effectively) the shift of jobs overseas

Mr. Brady confirmed that the Committee will move forward immediately to draft international tax reform legislation – "as we plan for that finish line in 2017, developments in the global environment demand our immediate attention."

COMUNICADO ACLARATORIO – Mossack Fonseca (Colombia)

Deseamos aclarar las infundadas publicaciones que han salido en ciertos medios de prensa durante los últimos días:

  • Mossack Fonseca & Co. al cumplir su función de Agente Residente no es responsable del actuar comercial de las sociedades que constituye, no tenemos ningún tipo de vinculación comercial, así como tampoco tenemos la facultad de administrar o de captar fondos para ninguna de ellas; por ende, las aseveraciones relacionadas a la supuesta posesión de un apartamento en Brasil, a la constitución de compañías para actuar ilícitamente a través de ellas, y el supuesto involucramiento en delitos de lavado de dinero son absolutamente falsas y temerarias.
  • La oficina del representante de Brasil ha sido requerida para suministrar información al respecto de este caso como parte de las investigaciones, información que se ha entregado y se ha colaborado en todo lo que está a nuestro alcance para aclarar este inconveniente en el menor tiempo posible. Los empleados de esta oficina, que colaboraron con dichas investigaciones se encuentran actualmente en libertad.
  • No hemos prestado en el pasado ni prestamos en el presente servicios de asesoría o intermediación de ningún tipo para la compra, préstamo o financiación de bienes inmuebles ni de cualquier otro tipo, lo cual ratifica que no somos parte de este mal entendido, al cual erróneamente hemos sido vinculados.
  • Es importante recalcar que Mossack Fonseca cumple y ha cumplido siempre con la verificación de debida diligencia de nuestra clientela, en estricto apego a la normativa vigente en cada país. Por esta razón, reiteramos nuestra disposición para cooperar con las autoridades cuando así nos sea requerido, disposición esta la cual de manera proactiva ya se ha hecho de su conocimiento.
  • Finalmente, Mossack Fonseca no apadrina ilícitos; muy por contrario, nos complacen los avances que en materia de prevención del lavado de dinero y delitos conexos, se están verificando en nuestros países.

Carlos Sousa

Director de Relaciones Públicas