The Panama Papers Reveal Offshore Accounts

Apr 26, 2016

The Panama Papers are considered the largest data leak in history. They reveal 11.5 million files and 2.6 terabytes of information from Mossack Fonseca’s database. This is the 4th biggest offshore law firm in the world.

It was the German newspaper Süddeutsche Zeitung to obtain these records from an anonymous source. Then, they shared the information with the ICIJ (International Consortium of Investigative Journalists). The latter, in its turn, shared the records with international partners such as the BBC and the Guardian.

What Are the Panama Papers?

This unprecedented leak of documents reveals the names of 12 national leaders. They are among 143 politicians, their family members and close associates from all over the world whose names are connected with offshore tax havens.

Sergei Roldugin, a cellist, who is the best friend of Vladimir Putin is among them. With $2 billion, he is found to be at the center of a scheme. Other names include Iceland’s prime minister Sigmundur Davíð Gunnlaugsson, Ukraine’s president Petro Poroshenko, Pakistan’s prime minister Nawaz Sharif, Iraq’s ex-interim prime minister and former vice-president Ayad Allawi, Egypt’s former president’s son Alaa Mubarak, and Britain’s prime minister David Cameron’s father who has been running an offshore investment fund.

It is not illegal to use offshore structures, and businessmen in Russia, Ukraine, and other countries usually put their assets offshore. The purpose is to defend them from criminals’ “raids,” and to successfully deal with currency restrictions. Other reasons to use offshore services include estate planning and inheritance.

Mossack Fonseca

Business owners interested in an offshore merchant account should find a highly reputable payment processor to turn to. Security, affordability and customer service are priorities for EMB, the number one high-risk payment processor in the US.

Mossack Fonseca is a Panama-based law firm. One of its services is to incorporate companies in offshore jurisdictions like the British Virgin Islands. The firm operates all around the globe. Mossack Fonseca’s website boasts a worldwide network with 600 people working in 42 countries.

The firm operates in tax havens such as the British Virgin Islands, Cyprus Switzerland, and in the British crown dependencies – Guernsey, the Isle of Man, and Jersey. It has provided services for over 300.000 companies, more than half of which are registered in the UK, and in the tax havens under the administration of Britain.

Mossack Fonseca refuses to discuss specific cases concerning the leak, claiming they are confidential. Moreover, the firm thinks there’s nothing wrong with its conduct. According to Mossack Fonseca, the firm cannot be blamed for errors committed by intermediaries such as accountants, banks, and law firms.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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