The Panama law firm of Mossack Fonseca provided services to companies that may have broken the U.S. embargo on Cuba or were linked to companies specifically blocked by the U.S. Treasury Department, according to the Panama Papers.
Some of the secret Cuban companies the firm helped to incorporate had ties to names on the list of people and entities the U.S. government has banned from U.S. business deals because of economic sanctions or their ties to terrorism or drug trafficking.
Three companies created by the Cuban government in offshore tax havens — Miramar Investment Corporation Ltd., Mercaria Trading S.A. and Caribbean Sugar Traders — shared a director named Porfirio Medero Paiva, who had the same Madrid address as CRYMSA Import Export. The Spanish company is on the list of blocked persons and “specially designated nationals” kept by Treasury’s Office of Foreign Assets Control (OFAC).
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