10,000 offshore companies connected to Luxembourg
(Lc/las/JB) More than 10,000 offshore companies created by Mossack Fonseca in Panama have a link with Luxembourg, according to data posted online Monday by the international consortium of Journalists (ICIJ).
It may seem a lot but it remains far from the figured of 700,000 cited by Le Soir's Xavier Counasse.
The data shows that the creation of offshore companies was a widespread practice before the financial crisis, with the majority dating from 1982 to 2008.
The use has largely decreased after 2010, especially among banks. A first quick examination of the database shows that it is mainly the law firms that continued to create these entities after 2010, some of which are still active.
Regarding the persons cited in the Panama Papers, the database disclosed does not mention the general manager of the Financial Sector Supervisory Commission (CSSF), Claude Marx, whose name was put forward by the newspaper Le Soir.
The documents show extensive use made of Panamanian companies by HSBC Luxembourg, which created 141 units. BGL BNP Paribas created 13 over two years. But this practice seems to be over with all entities closed in 2012 or 2013.
The Panama Papers was a mass disclosure relating to Panamanian law firm Mossack Fonseca, who enabled clients to stash wealth in the tax haven.