More than 1,700 entities disclosed on the Panama Papers leak have also registered with the IRS that they comply with FATCA


Following yesterday’s Panama Papers Leak it can be seen that at least 1,700 legal entities on that list are also on the IRS list that “includes all foreign financial institutions and branches with approved FATCA registration at the time the list is compiled”.

This is how it breaks down by jurisdiction:

Jurisdiction Number
ANGUILLA 15
ANTIGUA AND BARBUDA 3
ARGENTINA 1
AUSTRALIA 14
AUSTRIA 1
BAHAMAS 34
BARBADOS 4
BELIZE 7
BERMUDA 34
BRAZIL 3
BRUNEI DARUSSALAM 2
BULGARIA 1
CANADA 12
CAYMAN ISLANDS 143
CHILE 1
CHINA 1
COLOMBIA 2
COOK ISLANDS 13
COSTA RICA 1
CURACAO 4
CYPRUS 31
FINLAND 1
France 5
GERMANY 6
GIBRALTAR 108
GUERNSEY 145
HONG KONG 63
INDIA 1
IRELAND 8
ISLE OF MAN 63
ISRAEL 2
JAMAICA 1
JAPAN 1
JERSEY 138
LEBANON 2
LIBERIA 7
LIECHTENSTEIN 41
LUXEMBOURG 29
MACAO 1
MALAYSIA 5
MALTA 16
MARSHALL ISLANDS 1
MAURITIUS 48
MONACO 14
NETHERLANDS 3
NEW ZEALAND 21
OTHER 12
PAKISTAN 2
PANAMA 39
RUSSIAN FEDERATION 3
SAINT KITTS AND NEVIS 10
SAINT LUCIA 1
SAINT VINCENT AND THE GRENADINES 22
SAMOA 9
SAUDI ARABIA 2
SEYCHELLES 26
SINGAPORE 54
SOUTH AFRICA 2
SRI LANKA 1
SWITZERLAND 190
TAIWAN 7
TURKS AND CAICOS ISLANDS 3
UGANDA 1
UNITED ARAB EMIRATES 3
UNITED KINGDOM 48
UNITED STATES 2
VANUATU 2
VIRGIN ISLANDS (BRITISH) 298
Grand Total 1794

So what are we to make of this? It is too early to say but it is counter-intuitive that entities that may or may not be alleged to be facilitating tax evasion are they very same entities registering with the IRS as FATCA compliant.