What Are the Panama Papers?
The Atlantic | 3 April 2016
Panama Papers: Mossack Fonseca leak reveals elite's tax havens
BBC News | 3 April 2016
Revealed: the $2bn offshore trail that leads to Vladimir Putin
The Guardian | 3 April 2016
![Minister of Justice Ang Vong Vathana, who has been named as an investor in a British Virgin Islands-incorporated company in the massive "Panama Papers" leak.](http://www.phnompenhpost.com/sites/default/files/styles/two-col/public/field/image/justice_minister_ang_vong_vathana_prisoner_release_03_11_2015_heng_chivoan_0.jpg?itok=CdtCbsuE "Minister of Justice Ang Vong Vathana, who has been named as an investor in a British Virgin Islands-incorporated company in the massive "Panama Papers" leak. Heng Chivoan")
Minister
of Justice Ang Vong Vathana, who has been named as an investor in a
British Virgin Islands-incorporated company in the massive "Panama
Papers" leak. Heng Chivoan
Leak reveals Justice Minister's offshore investment
Cambodia’s Justice Minister Ang Vong Vathana has been named in the so-called “Panama Papers”,
an enormous leak of offshore banking records that details the shadowy
business practices of some of the world’s wealthiest and most powerful
individuals.
The 11.5 million leaked documents originated from the Panamanian law firm Mossack Fonseca, which the International Consortium of Investigative Journalists (ICIJ) – who are coordinating ongoing investigations into the leak’s contents – described on Sunday as “one of the world’s top creators of shell companies”.
Experts contend that offshore businesses are commonly used to evade taxes and launder the proceeds of criminal activity and government corruption. They can, however, serve legitimate purposes as well, such as legal tax avoidance and giving investors from different jurisdictions a common base of operations.
The revelations have landed senior officials and politicians around the world in hot water. Less than 24 hours after the story broke the possibility of snap elections is already being raised in Iceland following indications among the leaked documents that Prime Minister Sigmundur Davíð Gunnlaugsson used offshore bank accounts to hide potential conflicts of interest since his election to parliament seven years ago.
Among the millions of leaked company formation records, contracts and emails, was a handwritten register of investors in the British Virgin Islands-incorporated company RCD International Limited bearing Vong Vathana’s name.
He was listed as one of five shareholders in RCD, having purchased 5,000 shares at a dollar apiece in May 2007, listing his occupation on the register as “Minister of Justice”.
The other four shareholders are reported to have been a mix of Cambodian and Chinese businessmen.
The ICIJ’s website lists Hong Kong-based Corporate Management Services Limited as having registered RCD in the British Virgin Islands on February 12, 2007. RCD was struck off the British Virgin Islands Register of Companies on October 31, 2010.
However, another company named RCD International Limited was registered in Hong Kong on February 20, 2012, only to be dissolved in March of the following year, although it was not immediately clear if the two were connected.
April 4 is a public holiday in Hong Kong and representatives of Corporate Management Services Limited were unreachable for comment.
Justice Minister Ang Vong Vathana was not immediately available for comment.
The 11.5 million leaked documents originated from the Panamanian law firm Mossack Fonseca, which the International Consortium of Investigative Journalists (ICIJ) – who are coordinating ongoing investigations into the leak’s contents – described on Sunday as “one of the world’s top creators of shell companies”.
Experts contend that offshore businesses are commonly used to evade taxes and launder the proceeds of criminal activity and government corruption. They can, however, serve legitimate purposes as well, such as legal tax avoidance and giving investors from different jurisdictions a common base of operations.
The revelations have landed senior officials and politicians around the world in hot water. Less than 24 hours after the story broke the possibility of snap elections is already being raised in Iceland following indications among the leaked documents that Prime Minister Sigmundur Davíð Gunnlaugsson used offshore bank accounts to hide potential conflicts of interest since his election to parliament seven years ago.
Among the millions of leaked company formation records, contracts and emails, was a handwritten register of investors in the British Virgin Islands-incorporated company RCD International Limited bearing Vong Vathana’s name.
He was listed as one of five shareholders in RCD, having purchased 5,000 shares at a dollar apiece in May 2007, listing his occupation on the register as “Minister of Justice”.
The other four shareholders are reported to have been a mix of Cambodian and Chinese businessmen.
The ICIJ’s website lists Hong Kong-based Corporate Management Services Limited as having registered RCD in the British Virgin Islands on February 12, 2007. RCD was struck off the British Virgin Islands Register of Companies on October 31, 2010.
However, another company named RCD International Limited was registered in Hong Kong on February 20, 2012, only to be dissolved in March of the following year, although it was not immediately clear if the two were connected.
April 4 is a public holiday in Hong Kong and representatives of Corporate Management Services Limited were unreachable for comment.
Justice Minister Ang Vong Vathana was not immediately available for comment.
Having an offshore bank is always understood as illegal activity which the person may be doing for tax evasion or money laundering. This misconception is in the mind of many people. And if you are one of them then you will be surprised to know that it is legal to have an offshore bank account, only you need to comply with the rules and regulations of your as well as the other company where you are going to open your account.
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