Filipinos included in the Panama Papers

 

mossack fonsecaBut what else is new?

Surprised? Of course not!

The Panama Papers, as it is known worldwide now, is about the more than eleven million documents from a secretive law firm in Panama called Mossack Fonseca that were hacked and eventually leaked to the public showing how it helped the rich, the powerful and the notorious to launder money and save them from paying taxes in their home country by opening for them off-shore accounts and /or establishing a shell company. The latter is actually an inactive company used as a vehicle for various financial maneuvers or kept dormant for future use in some other capacity.

Those looking to hide assets establish accounts in countries like Panama, the Cayman Islands and Bermuda, where the banking laws are designed to vigorously protect account owners’ identities.

What made the news a bombshell was not only the hugeness of the documents leaked, but, likewise, the personalities involved that included current and former head of states, politicians, athletes, celebrities and business moguls.

That more than 500 Filipinos are said to be included in the Panama Papers is no surprise at all.

The fact that this has been the practice of the rich, the famous and the notorious, and known by the citizens of their respective countries, there must be some legality to it.

The illegality depend on who the person is, what he does and above all his intentions for seeking countries like Panama, the Cayman Islands and Bermuda where their wealth could be transferred and hid.

What makes it interesting for Filipinos to know who is who among the more than 500 compatriots mentioned is because corruption is so rampant in this country that one can call it an endemic malady the country suffers from the hands of modern politicians.

If for some reason the country hasn’t progress at all, blame it to the unscrupulous Filipinos who call themselves servants of the people and who have been robbing us blind and going to countries that could offer them tax havens to hide their wealth.

Whoever the Filipinos are, they must be having the shits now, in case their names are exposed.

Good for you, you SOBs!

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