Panama Papers | Law firm usurped name of Red Cross to hide money

Mossack Fonseca law firm routinely usurped the name of the Red Cross and other charities to help obscure the origin of millions of dollars in questionable funds, two newspapers involved in the investigation reported.
France’s Le Monde and Switzerland’s Le Matin Dimanche said the firm created dummy foundations with high-minded names such as the “Faith Foundation” to hold shares in around 500 offshore companies. The foundation’s beneficiary was routinely listed as “the Red Cross,” a designation which served the dual purposes of hiding the firms’ real beneficiaries and of draping them in an “NGO aura,” the papers wrote.
Mossack Fonseca didn’t immediately return an email seeking comment, but a leaked email cited by the publications appeared to lay out the firm’s reasoning.
“Given that banks and financial institutions are today asked to obtain information about economic beneficiaries, it has become difficult for us not to divulge the identity of those of the Faith Foundation’s,” the email said, according to the papers. “That’s why we’ve implemented this structure designating the ‘International Red Cross.’ It’s easier that way.”
Another email cited by the papers suggests Mossack Fonseca deliberately kept the Red Cross in the dark about the maneuver. AP