Brotherhood uses offshore companies to hide own money
The Muslim Brotherhood has succeeded in building a strong network of offshore companies that helped it hide its money and transfer this money from country to country, leaked documents have shown.
Brotherhood finance
officials focused on maneuvering and hiding the financial dealings of the
organization, what came to be known as the leaked Panama Papers said.
These officials were involved in tax evasion and performing misleading bank deposits in order to protect the money owned by the Brotherhood and also deceive governments.
This is a global network of more than 200 investigative journalists in 70 countries who collaborate on in-depth investigative stories.
The Washington-based consortium took up the mission of analyzing the Panama Papers, around 11.5 million documents that contained information about the financial dealings of more than 214,000 offshore companies in more than 200 countries. These dealings took place over four decades.
A report by the consortium revealed that the Brotherhood had benefited from offshore techniques in order to conceal its financial dealings.
The Virginia-based International Assessment and Strategy Center released a report in 2006, in which it threw light on the financial empire of the Muslim Brotherhood in Egypt and in other countries.
What appears of the Brotherhood's funds, the center said in its report, is only a fraction of the funds concealed by the organization. It likened this to the ice mountain which shows only its top, but hides its large base under the water.
The Panama Papers mentioned Brotherhood officials Ibrahim Kamel, Youssef al-Qaradawi and Youssef Nada by name. They said these officials were specialized in hiding the funds of the group and deception. These Brotherhood figures founded illusory banks and companies that have dubious dealings away from the oversight of the authorities.
According to the Panama Papers, a large number of the Brotherhood companies were offshore ones that invested in local investment funds, especially in areas where there is no need to mention information about the identity of the owners of the companies.
All this information can show one fact, namely the Brotherhood is top in the list of groups, organizations and individuals using offshore companies to conceal their financial dealings and stay away from official control.
