What the Paradise Papers say about officials in LATAM
A leak of millions of documents has revealed the activities in tax havens by international personalities, as well as government officials in both America and Europe.
13.4 million documents have been published by the German newspaper Süddeutsche Zeitung and disseminated through the International Consortium of Investigative Journalists (ICIJ), exposing the tricks of many public figures to evade taxes from tax havens.
The covers of the international media show personalities such as the Queen of England, the Canadian Prime Minister and officials of the Trump Administration, but among the 1.4 terabytes of information, there are also several Latin American governors and officials.
As reported by the BBC, a large number of countries in Latin America have their representative in this scandal:
- Author: Current Minister of Finance, Luis Caputo
- Data obtained: participation of the company Noctua Partners Llc., a source of investment funds with influence in Delaware and the Cayman Islands
- Author: current president Juan Manuel Santos
- Data obtained: link with two companies based in Barbados and linked to the Global Education Group, in the financing of Colombian educational expenses abroad; director of the insurance company of Barbados Nova Holding Company Limited, between April and May 2000.
- Other people linked: Ecopetrol, the Energy Company of Bogotá, Interconexión Eléctrica S.A. and the Public Company of Medellín.
- Author: Carlos Slim (telecommunication tycoon) and the late leader of the Confederation of Mexican Workers (CTM), Joaquín Gamboa Pascoe.
- Data obtained: Pascoe created two shell companies in the Cayman Islands and in the Bahamas in 1982, and secretly kept a fortune of up to $ 19 million, while he was president of the Senate and leader of the PRI. Local media claim that the fortune was built "based on corruption." Slim, meanwhile, also had a partnership in Bermuda, and sought advice from Appleby for the creation of a "tax engineering" structure that would allow him to evade taxes at his América Móvil company.
- Author: The Costa Rican corporation Florida Ice & Farm (Fifco)
- Data obtained: control of millionaire investments in the Gulf of Papagayo Tourist Pole
- Author: The Salvadoran Foundation for Economic and Social Development (Fusades)
- Data obtained: transfer to Bermuda of more than 50 million dollars generated by the sale of a microfinance company operated by Fusades.
- Author: Bosques Amazónicos S.A.C.
- Data obtained: transactions for more than 71 million dollars with offshore companies located in tax havens, between 2008 and 2013, through "carbon credits" - financial instruments designed to compensate for environmental pollution, according to the report.
- Author: Juan Ángel Napout (former head of the South American Football Confederation and former vice president of FIFA)
- Data obtained: money laundering from the bribe through the company NAPFOHRS HOLDINGS LIMITED.