Reuters

Some of the world’s biggest aid agencies voiced concern on Monday that they may be further exposed to risk from the murky world of offshore finance after the latest release of the Panama Papers showed the name of the Red Cross was falsely used.
The cache of documents revealed how Panamanian law firm Mossack Fonseca created dummy foundations, with one of its fictitious beneficiaries listed as the “International Red Cross.”
The misappropriation of the International Committee of the Red Cross’ (ICRC) name was condemned by the Swiss-based agency and other international aid organisations concerned about the reputational risk this may carry for the sector as a whole.
The leaked emails, which first appeared in European newspapers, suggested the law firm used the humanitarian organisation as a cover when facing down demands for information from prying banks and financial institutions.

This entry was posted in information. Bookmark the permalink.

1 Response to Reuters

  1. shinichi says:

    ICRC perplexed over being named in Panama Papers

    Reuters

    http://the-japan-news.com/news/article/0002871312

    “It has become difficult to withhold the identity of the beneficiary,” one of the alleged emails from an unnamed Mossack Fonseca staffer said.

    “This is the reason why we created this structure, that is, appointing the International Red Cross (sic). So it is not complicated,” the leaked 2009 email said.

    The ICRC said it was not previously aware that the name of its organisation had been misappropriated and would investigate.

    But the leaked emails exposed the risk charities take in accepting private donations, whose origins can sometimes be hard to trace.

    An ICRC spokeswoman, Jenny Tobias, said the organisation “cannot be 100 percent sure” other private donors do not have links to the Panamanian law firm, as it has “neither the means nor the expertise” to examine each and every fund or trust.

Leave a Reply

Your email address will not be published.