Since June 2015, 11 journalists from different electronic media, started to collect data, related to Venezuela, which is linked to over 241.000 papers, becoming like this in the biggest leak about companies in tax havens ever recorded.
In the Panama Papers appears names like Adrián Velásquez, the ex-security detail of ex-Venezuelan president Hugo Chávez; the ex-manager of Programa Bolívar 2000 of social assistance; Victor Cruz Waffer, owner of companies within tax havens; and many authorities of the main state oil Pdvsa were named as well in the files.
The Mossack Fonseca’s data reveals concise examples of the destination of the several oil revenues that the Government managed within the framework of a policy of massive imports and maintaining differential rates for 15 years.
Some supporters if the revolutionary Government of Venezuela, used Mossack Fonseca to build submarine roads of their financial dealings. There’s evidence of public workers that used Mossack Fonseca for the opening and management of case companies in tax havens, evidence of corporative structures that the company created for Venezuelan clients that wanted to clear up their names of companies incorporated with directors of MF itself, or even generate foreign debt through transactions with empty shells so they could present them to the administrator agency in a Venezuela governed by the exchange control regime
In order to take advantage of the opportunities opened by the importing avidity of the Venezuelan Government, there´s prove of some traders who opened a corporate costume in tax havens like Hong Kong, Panama, Virgin Islands, etc.
Regarding this, early this morning in an interview, the Venezuelan deputy Julio Montoya explains that any of the Venezuelans mentioned on the Panama Papers can justify where they get all the money they have, and that it’s obvious it comes from corruption and laundering money.
Mossack Fonseca is the Master Mind in the offshore system
The powerful law firm called Mossack Fonseca, the mastermind behind The Panama Papers, is known for being very reserved with their clients and dealings. But what they were closely hiding was brought to light on Sunday thanks to about 11 millions of documents that were leaked and worked for months by a team of over 100 media.
— WikiLeaks (@wikileaks) April 4, 2016
The International Consortium of Investigative Journalists (ICIJ) extracted important linked to politicians, sports stars, businessmen and celebrities. The papers also include details of the methods Mossack Fonseca applied to cover up the money trail, including the use of tax havens such as the British Virgin Islands.
Source: El País in English