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“Panama list” will encourage Russians to stop using low-tax offshores
04.04.2016
International Consortium of Investigative Journalists (ICIJ) published a list of accounts of the Panamanian company Mossack Fonseca, which includes 11,5 million documents. The data accessible to the public contains materials connected, in particular, with ex-president of Egypt Hosni Mubarak, former leader of Libya Muammar Gaddafi, president of Syria Bashar al-Assad, prime minister of Iceland Sigmundur David Gunnlaugsson. The report also mentions a number of offshore transactions executed by Russian businessmen.
Russians will gradually stop using low-tax offshores after a series of data leak scandals. The global trend of discrediting such jurisdictions will also contribute to the success of the deoffshorization program implemented by the Russian Ministry of Finance. However, these is still much to be done for deoffshorization of Russian economy, first of all - to substantially improve the business climate.
"A key factor is a stable and reliable investment environment, compliance with the guarantees of due legal procedures and protection of property”, managing partner of YUST Law Firm Evgeny Zhilin told TASS information agency.
Read more
International Consortium of Investigative Journalists (ICIJ) published a list of accounts of the Panamanian company Mossack Fonseca, which includes 11,5 million documents. The data accessible to the public contains materials connected, in particular, with ex-president of Egypt Hosni Mubarak, former leader of Libya Muammar Gaddafi, president of Syria Bashar al-Assad, prime minister of Iceland Sigmundur David Gunnlaugsson. The report also mentions a number of offshore transactions executed by Russian businessmen. Russians will gradually stop using low-tax offshores after a series of data leak scandals. The global trend of discrediting such jurisdictions will also contribute to the success of the deoffshorization program implemented by the Russian Ministry of Finance. However, these is still much to be done for deoffshorization of Russian economy, first of all - to substantially improve the business climate.
"A key factor is a stable and reliable investment environment, compliance with the guarantees of due legal procedures and protection of property”, managing partner of YUST Law Firm Evgeny Zhilin told TASS information agency.
Read more
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