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Who Are The Likely Targets of the Offfshore Law Firm Data Leak?

By admin of MillarLaw A Professional Corporation On Tuesday, April 5, 2016

The reports of a massive leak of confidential client information from files of the Mossack Fonseca & Co., law firm could have far ranging effects from  intelligence, law enforcemnet and commercial perspectives.  The intersting thing about this data leak, is that it appears not to be Internet based, but rather the result of actions taken at the law firm by a person or person unknown.

From all the public reports, there may be a wealth of intelligence data that various agencies and governments will find worhwhile.  No one yet knows where the data will lead.  Will it lead to discovery of terrorist money launderers or cimnal enterprise banking trails?  HOw about the simple prospect of individuals facing criminal charges for violating currency control laws in any number of countries?

The prospect of discover of  some people who are hiding funds from the IRS certainly looms in the future, and those people should be concerned.  Anyone who has not come forward anad entered one of the IRS sanctioned voluntary disclosure programs and who is not engaged in illegal activity, should seek competent counsel quickly ot discuss their situation.

Whatever the rationale for having come forward up to now, the fact is that millions of files were revealed and some of thos files are likely to contain infomration about U.S. taxpayers who used Panamanian or other shells to hide assets and avoid rerporting income.

It is only a matter of time until the IRS or Department of Justice find a way to obtain the data and use it.  Some of the data will be provided by Information Exchange Agreements, or Mutual Legal Assistance Agreements. But regardles of the means and methods, competent evidence will likely be found and used against those U.S. taxpayers whose information was revealed.

This case is remarkably similar to the UBS and Julis Baer bank cases.  IN both cases an individual downloaded confidential customer data that lead to criminal charges and huge fines against both banks.  The discussion about “world leaders” and thier secret accounts, is interesting, but the real action will be far more important to unrepentent U.S. taxpayers.  A lot of people will be looking over their shoulders as a result of these leaks, but the smart one will get advice on coming forward before it is way too late.

We at MillarLaw are able to help, contact us when you are ready.

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