Tag Archives: CYPRUS

How to Track Down Companies from Panama

Switzerland, Panama, Cyprus and many other offshore (like in the case of Switzerland, onshore countries sometimes provide the same level of non-transparency as proper, island-based, offshore havens) havens pop up in the news each time a dictator is overthrown or almost each time a criminal network is dismantled. Hidden wealth is almost always channeled through offshore havens that provide dictators and criminals with the the much needed secrecy and the possibility of recovering money even after revolutions such as the one in Egypt. A recent New York Times article points out that Hosni Mubarak’s wealth is also owned through companies in Panama and Cyprus. A chart published on this blog indicates why Panama is a country of choice for criminals and dictators alike to hide. It allows proxy representation so that, in most cases, it is impossible o track down the real beneficiary of a business. It also has a minimum of bilateral treaties when it comes to providing information on its companies. However, there is a possibility to start investigating Panamanian based companies starting from the ID’s Worldwide Company Data section. The following video explains how to start tracking down Panama based commercial entities:

What Offshore Companies Are All About?

The Organized Crime and Corruption Project (OCCRP) investigated the world of offshores. Offshore Crime, Inc reveals how criminals have used offshore companies as fronts for drug trafficking, money laundering, weapon smuggling, monopolizing industries, privatization fraud and corrupting politicians and government officials.  Worldwide, they are used by Mexican drug lords to launder money, terrorism groups to wage war, Iran and North Korea to evade sanctions and run guns and a host of other criminal acts yet undiscovered.

The investigative series is work in progress with new important findings to be published next week. All we can tell is that, in complete legality, OCCRP reporters managed to obtain bank records of some of the most important players in the offshore company formation turf :)