Kevin Downing Quoted Regarding Panama Papers Release in The New York Times

"Panama Papers Show How Rich United States Clients Hid Millions Abroad"
The New York Times
06.05.16Kevin Downing was quoted regarding the release of internal documents from the law firm Mossack Fonseca. This data set has come to be known as the "Panama Papers" and several documents have been found that outline offshore tax schemes for various international clientele, and their compliance with U.S. laws. According to The New York Times, their examination of the files found that over the past decade, Mossack Fonseca had at least 2,400 U.S.-based clients for which on their behalf it set up at least 2,800 companies in jurisdictions known for helping hide wealth. Federal law allows U.S. citizens to transfer money overseas, however they must declare foreign holdings to the Department of the Treasury, and experts are reluctant to declare that Mossack Fonseca or its clients broke any laws, given that no charges have been filed. However, some experts are surprised at how explicitly the firm offered advice that helped its clients evade U.S. tax laws. "The more correspondence that you have between a U.S. person and a bank or law firm discussing tax issues and efforts at concealment, the stronger the government will see it as a potential case worth prosecuting," Downing said.
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