Contributed By: Andrei Slavenkov
Chronicles Of: Monte Friesner
MOSSACK AND FONSECA EMPLOYED MONEY LAUNDERING TRADECRAFT BY USING CHARITIES' NAMES
The fact that the law firm of Mossack & Fonseca used the names of legitimate global charitable organizations as cover for their dirty clients is further evidence that the partners at that firm had left their profession as attorneys, and crossed over into the dark side as money launderers, plain and simple. it also demonstrates that there was nothing they would not do to conceal their clients' illicit assets from public view. There's nothing sacred to laundrymen; they know that legitimate businessmen trust charities, and would not think to look for suspicious activities there.
The abuse of the names of legitimate and respected entities is a central component of the tradecraft of money laundering. By illegally placing the names of these nonprofits as beneficiaries of bogus Panamanian foundations, MF demonstrated who they really were: financial criminals.
One additional technique they utilized, the use of a deceptively similar, but different, name, is common in money laundering. MF slightly changed the legal name of the Red Cross. This was intentional, as the use of a name that appears to be that of a legitimate company, but under close inspection, is somewhat different, is how money launderers often trick the legitimate financial community.
With the next exposure of Panama Papers documents expected soon, we will continue to see how Mossack and Fonseca employed classic money laundering techniques to hide illicit funds, and then assist in laundering them for career criminals, drug kingpins, corrupt political leaders, and Politically Exposed Persons (PEPs). We will probably find the names of additional well-known charities, and non-profit organizations, being abused.