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We would like our readers to get to know you. Please tell us about yourself and your
career.
1.
I am a Certified Public Accountant. I graduated from the University of Panam. I
have an MBA with a concentration in Finance. I have devoted myself to accounting since I
was twenty. Before joining Mossack Fonseca & Co., I worked for various auditing firms,
including Peat Marwick which today is KPMG. I began at Mossack Fonseca & Co. as an
external auditor, and subsequently became part of a team monitoring and providing advice
to the accounting department. I also spent one year as a consultant. Later, I began working
in the accounting department.
Technical Board of Accounting of the Ministry of Trade and Industry. We are CPAs who are
regulated by the government and authorized to provide all types of accounting and
auditing services.
Why do MF clients need accounting services to comply with the new law?
4.
First, some background information. Mossack Fonseca customers need this service
because many years ago in the US the OFAC (Office of Foreign Assets Control) was created
to regulate foreign assets in many jurisdictions where Mossack Fonseca & Co S.A. does
business, such as BVI, Bahamas, and others. Since Mossack Fonseca & Co S.A. offers the
service of incorporation, it is, under the law, required to keep all accounting files and thus
be aware of the financial situation of each company. In theory, when a client requests
incorporation of a company they do so in order to carry out some activity. The nature of the
activity can be wide-ranging, such as to hold real estate or an investment portfolio. In any
case, under the law, they must keep accounting records. Clients should be aware of the
accounting requirements in order to use their company in accordance with the laws
governing such entities. Today, in several jurisdictions (BVI, Bahamas, etc.) they already
have audit institutions (Financial Services Commissions), which regulate financial
institutions and oversee the activities of companies. Even if a company has diverse
operations, the director is the person who must have knowledge and control of the
financial situation, and indeed has ultimate responsibility for the company.
How has MF Accounting Services prepared to comply with the new law?
6.
We have put into place policies and procedures to ensure 100% compliance with the
new law. In addition, we are always up to date on legal and regulatory changes. Our team of
lawyers and accountants are well informed via their many different affiliations with
government and peer organizations.
What recommendations do you have for MF clients to help them prepare for the
change?
7.
We have informed our clients of the new requirements, advised them on what they
need to do, and let them know that we can handle all of their accounting matters. In
general, people should be prepared for the change as we are. We constantly update our
clients on all relevant changes and provide the advice they need to comply with such
changes. We are proud to be able to provide our clients with the security and confidence of
knowing that we will provide them with the very best service in the industry.