Whitmill comments on the Panama Papers leak

11 April 2016

Recently there has been significant media coverage in relation to the Panama Papers leak involving Mossack Fonseca.

Like many service providers Whitmill Trust are professional clients of Mossfon, a subsidiary of Mossack Fonseca, and on occasion has used them as incorporation agents and to act as local registered agents in jurisdictions where Whitmill do not have a physical presence such as the BVI and Panama, in order to accommodate the needs of our clients. 

The Panama Papers are careful to emphasise that owning an offshore company in itself is not illegal, and can be logical for some businesses. What the Panama Papers do challenge is the use of offshore companies to hide the identities of the ultimate company owners, i.e. the beneficial owners. 

As a business headquartered in Jersey, our position on hiding the identities of beneficial owners is very clear: we do not allow it.  As a regulated service provider, Whitmill Trust has in it’s 23 year history, always acted in accordance with the laws and regulations in force at the time and has always carried out due diligence on the ultimate owners of any entity under administration.  

Whitmill Trust is rigorous in the application of its policies and procedures in relation to the management of its offices and subsidiaries.  It is of paramount importance to ensure that all structures and entities managed by Whitmill Trust are legally and tax compliant and that we are fully aware of who are clients are and the source of their wealth.




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