Clifford Chance, Allen & Overy, Clyde & Co and Taylor Wessing have all been named as firms linked to secret offshore entities in the latest leak of over 11.5m files as part of the Panama Papers investigation.
From offshore to Big Law: the Panama Papers’ lasting imprint on the legal landscape
Tom Moore argues profession must deal with changing attitudes on tax and reputation
The offshore market is being redrawn following the leak on 3 April of 11 million documents from Panama law firm Mossack Fonseca & Co, which led to a public outcry about tax evasion. The leak revealed some 12 world leaders, including close associates of Russian president Vladimir Putin and 143 politicians, used the firm to avoid tax in developed countries.
Panama papers latest: Mossack Fonseca’s headquarters raided
Panamanian law firm Mossack Fonseca has had its headquarters raided by police following a data leak of more than 11 million documents which revealed how some wealthy people avoid tax using offshore law firms.
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SRA to probe City firm connections to Panama Papers
The Solicitors Regulation Authority (SRA) has asked several law firms to clarify whether they are linked to the law firm at the heart of the Panama Papers leak, Mossack Fonseca.
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Guest post: After the Panama Papers expect rhetoric to quiet the mob, not meaningful change
Two days in. Lots of column inches. But what will it all mean for the future? Some embarrassment, a scalp or two, then business as usual? Or meaningful change?
Simmons cited in Panama Papers leak after working with Mossack Fonseca
City law firm Simmons & Simmons has been named in the Panama Papers leak, after 11.5 million confidential documents were leaked from Panamanian law firm Mossack Fonseca.
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Guest post: The Panama Papers – why it’s very possible the behaviour is criminal
In the coming days you will hear a lot about the difference between tax avoidance and tax evasion.
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Standing tall – 2015 in review for the offshore elite
The offshore transactional market continues to go from strength to strength. Our annual focus on the ten largest offshore firms again reveals impressive activity levels during the last year. According to Appleby’s recent private equity report, during the third quarter of 2015 deal activity was even more robust than usual: there were 660 offshore deals during the quarter, worth a total of $60.7bn. Of those, 26 involved private equity firms either acquiring or disposing of their investments. With a combined worth of $16.1bn, private equity deals therefore represented over a quarter of total offshore activity by value in Q3 2015.
Material growth in private equity-backed M&A is a trend that looks set to continue, according to Ogier global managing partner Nick Kershaw. ‘The asset classes are diverse, from real estate to trust companies, but there is consistent acquisitive appetite,’ he says. Ogier acted on several high-profile deals in 2015, such as providing Jersey law advice to Palamon Capital Partners on the £200m joint acquisition with Corsair Capital of Currencies Direct.
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Harneys: British Virgin Islands positioned to become an international arbitration centre
The British Virgin Islands’ (BVI) Arbitration Act 2013 came into force on 1 October 2014. It is a landmark piece of legislation which is expected to propel alternative dispute resolution in the BVI into high gear. The BVI is now well-positioned to become a leading jurisdiction for international arbitration. The Act incorporates these main features:
Making gains – to be or not to be in the fiduciary business
In July, global offshore firm Appleby announced the management buyout (MBO) of its fiduciary business for an undisclosed sum, backed by private equity house Bridgepoint. Completion is subject to regulatory and legal approvals, but is expected to wrap up by the end of 2015.
According to group chair Frances Woo, the sale had been considered for some time, so that the fiduciary arm could continue to develop new products while the legal side could invest in new technology and knowledge management going forward.
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