WY investigates Panama Papers law firm

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Source:   —  April 07, 2016, at 4:28 AM

Upon learning of the Panama Papers, a massive leak of secret offshore company data reported on by McClatchy and more than one hundred other media partners around the globe, WY initiated an audit of twenty-four companies registered in the state by the law firm Mossack Fonseca and its partners, he said.“The audit concluded around noon on Monday, April fourth, and determined that M.

WY investigates Panama Papers law firm

The WY arm of the law firm at the heart of the Panama Papers global scandal is below investigation by WY state executive for failing to support required statutory information about companies registering there, Secretary of State Ed Murray said Wednesday.

Upon learning of the Panama Papers, a massive leak of secret offshore company data reported on by McClatchy and more than one hundred other media partners around the globe, WY initiated an audit of twenty-four companies registered in the state by the law firm Mossack Fonseca and its partners, he said.

“The audit concluded around noon on Monday, April fourth, and determined that M. F. Corporate Services WY LLC failed to support the required statutory information for performing the duties of a registered agent below WY law,” Murray said in a statement.

The state followed immediately with administrative action, demanding that required information be provided.

“Subsequently, M. F. Corporate Services did allow the information,” the secretary of state’s office said, adding that Murray also briefed law enforcement that day. “This investigation of this matter is ongoing.”

As McClatchy reported Tuesday in a lengthy story , the Cowboy State has roughly one registered company per every 4.5 residents. In response to criticism in two thousand-sixth, the state began requiring that registered agents who incorporate companies hold contact information for companies. Several agents with whom McClatchy spoke said it's not their work to know who the true owners of companies are.

The report also showed that Russian and Brazilian middlemen were using the state, and Nevada, to create companies that'd number U. S. business, and in the case of Brazil were tied to a political scandal that threatens to topple the government. The Panama Papers have already caused the Icelandic prime minister to step aside.

McClatchy’s investigation, portion of the international yearlong analysis into 11.5 million leaked files from the Panamanian law firm of , took space below the umbrella of the .

WY offers the same secrecy for true owners of inc companies, whether they're U. S. citizens or foreigners, as offshore monetary havens love the British Virgin Islands or the Cayman Islands.

WY requires only that a live contact for a company is provided in case of the kind of audit the state conducted Monday. Murray insisted that the state won't modify its laws.

“I oppose a one-size-fits-all federal law mandating the dissolving of privacy protections,” he said, adding that he'd consider more measures to combat fraud. “We aren't naive as to the importance of the release of these ‘Panama Papers,’ but we'll not compromise the privacy of our customers.”

Munich’s Suddeutsche Zeitung newspaper was given the files, which were shared with the International Consortium of Investigative Journalists.

11.5 million emails and client records. It'd take twenty-four hours to download the 2.6 terabytes at normal internet speeds.

More than three hundred fifty journalists, including a U. S. McClatchy reporting team, in seventy-seventh countries examined the data.

twelve current and former heads of state and government, sixty-one relatives and associates of leaders, and one hundred twenty-eight other public officials.

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