Mossack Fonesca

Mossack Fonesca & Co was a law firm based in Panama. Founded in 1977, it was the world's fourth-largest provider of offshore financial services at one point. Before the leak of the Panama Papers 2016, the company was mostly secluded from public attention

Controversies

Argentine money laundering (2014)

Commonly known as the route of K-Money, the scandel allegedly revolves around Argentinean Presidents, Nestor Kirchner, his wife Cristina de Kirchner. Their business associate, Lázaro Báez and MF Corporate Services was subsidiary of Mossack Fonseca. In 2014, MF Corporate Services had established 123 shell companies for the purpose of transferring public infrastructure funds from the government to Lázaro Báez who further transferred these funds to several tax havens.

Operation Car Wash(2016) In January 2016, the Brazilian Federal Police alleged that the firm used a real estate company to help hide criminal proceeds from the scheme involving Petrobras. Several employees who worked Mossack Fonesca's Brazilian branch were charged for implication to the scandal. The employees were accused in being implicit in facilitating money laundering by setting up offshoring companies.