Why are there so few Americans caught up in the Panama Papers leak? Because the U.S. has an ‘onshore haven industry that is just as secretive’ with people forming shell companies in Wyoming, Delaware and Nevada
More than 200,000 entries were included in this week’s Panama Paper leak
Only 211 people with U.S. addresses have so far been identified by officials
Experts have now claimed that Americans have ‘no need’ to go to Panama
Suggested authorities instead ‘look internally’ to find corporate illegalities
By LYDIA WILLGRESS
DailyMail.com
6 April 2016
More than 200,000 entries were included in the Panama Papers leak with politicians, celebrities and sports stars caught up in the scandal.
But so far only 211 people have been identified by authorities as having U.S. addresses.
Experts have now revealed the reason for the low number of people involved might be because shell companies are being formed under authorities’ noses in Wyoming, Delaware or Nevada – meaning Americans do not need to go to Panama.
Shima Baradaran Baughman, a professor at the University of Utah, told Fusion that Americans ‘have no need to go to Panama to form a shell company to use for illicit activities’.
She added: ‘It [the leak] should make Americans look internally to see what kinds of corporate illegalities we are allowing within our own borders.’
James Henry, a economist, agreed, adding that the U.S. has an ‘onshore haven industry.. that is as secretive as anywhere’.
His comments came as other experts confirmed it would take months for journalists to trawl through the 11.5million documents, meaning it will be a while before the number of Americans involved can be confirmed.
Jack Blum, a Washington lawyer and offshore activity expert, told Fusion is was going to ‘take some time’ due to the enormity of the database.
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