Tags: EU | Offshore Accounts | Investigation

Reports: Panama Firm Usurped Name of Red Cross to Hide Money

Reports: Panama Firm Usurped Name of Red Cross to Hide Money

Sunday, 10 April 2016 10:53 AM EDT

PARIS (AP) — Newspapers working on the mammoth leak of offshore data say the Panamanian firm at the center of the scandal used the name and reputation of the International Committee of the Red Cross to help obscure the origin of millions of dollars in questionable money.

There's no suggestion that the humanitarian group knew its name was used in this way. Red Cross spokeswoman Claire Kaplun said Sunday that the revelation was "extremely shocking."

France's Le Monde and Switzerland's Le Matin Dimanche say Mossack Fonseca created dummy foundations to hold shares in some 500 offshore companies. The foundations claimed beneficiaries such as the Red Cross, a maneuver that kept the companies' true owners anonymous, while cloaking them in an "NGO aura."

Mossack Fonseca didn't immediately return an email seeking comment.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Europe
Newspapers working on the mammoth leak of offshore data say the Panamanian firm at the center of the scandal used the name and reputation of the International Committee of the Red Cross to help obscure the origin of millions of dollars in questionable money.There's no...
EU,Offshore Accounts,Investigation
130
2016-53-10
Sunday, 10 April 2016 10:53 AM
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