The Secretary of State of the State of Wyoming, one of the so-called "user-friendly" states, often used to form shell companies by offshore financial services providers, has advised that MF Corporate Services Wyoming LLC, the Mossack-controlled company that acts as Registered Agent for its clients there, has resigned, with regard to all the Wyoming corporations it serves. The owners of those companies face dissolution of their corporations within 60 days, according to state statutes, should they fail to obtain a new Registered Agent in a timely manner.
Longtime readers of this blogger may recall that I first detailed the reasons money launderers and tax evaders are attracted to Wyoming, in an article I wrote in 2004 for Complinet. Corporate statutes allow one to migrate over to Wyoming all the provisions of a charter from a sister state, when qualifying one to transact business in Wyoming. This means that if you could obtain one of the old Nevada corporations, with bearer shares, you could domesticate it, with that distinct advantage, in Wyoming.
In assence, Mossack Fonseca is abandoning its clients who have Wyoming entities. What this will mean for the continued existence of the law firm is obvious; Its end is fast approaching. Lawyers who leave their clients high & dry soon find they have no new clients coming in the door.
The State of Wyoming, meaning for law enforcement and regulators, has indicated that its investigation of Mossack will continue. Whether criminal charges are eventually filed against the law firm's partners is not known, but we will be watching.
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