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Dodgy dealings are big business

By Moses Samaha, Pulblished in Australasian Legal Practice Management Association 

Suspicious business practices have been a hot topic in the media recently. The infamous Panama Papers – a leak of more than 11.5 million files from offshore law firm, Mossack Fonseca – recently revealed how businesses and individuals can hide their dealings, avoid tax and even get around their obligations under legislation such as the Anti-Money Laundering / Counter Terrorism Financing (AML/CTF) Act.

In the case of the Panama Papers, Mossack Fonseca dealt with intermediaries for companies and organisations, which helped obscure the real owners of the money and assets being administered by Mossack Fonseca. While many of the accounts detailed in the Panama Papers are legitimate and legal, keeping ultimate beneficial owners obscured helps individuals and organisations indulging in illegal behaviour to go unnoticed.

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