Kenneth Rijock

Kenneth Rijock

Friday, March 3, 2017

LOCAL AGENTS REPORT MOSSACK FONSECA HAS WITHDRAWN FROM NEW ZEALAND



Local corporate formation agents in New Zealand are reporting that they are no longer providing services to new clients, coming via Mossack and Fonseca, at this time. Mossack de-registered its local corporate entity last year. New Zealand trusts were a favorite method through with Mossack Fonseca served clients, as the trusts made beneficial ownership of assets nearly impossible to identify. The remote location is also believed to have been part of the attraction of New Zealand business organizations, as the substantial  travel cost, to EU or US law enforcement investigators, generally precluded any on-site visits, to acquire information.

Other financial services processionals, located in New Zealand, have noted that, since the Panama Papers disclosures, the number of clients seeking opaque corporate structures has substantially diminished. The Mossack partners remain in custody; their interrogation was temporarily paused, due to Panama's annual Carnival holiday.

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