Page 1 of 6 Sent: Saturday, April 30, 2005 7:48 AM To: Cc: Subject: FW: Anguilla his. Regards. Sent: a SubJe ngura Many thanks for your e-mail of today, which was passed to the Principals' attention. As soon as I receive their comments, i will advise you accordingly. in the meantime, I am glad to attach herewith general information on some hotels in Panama. Please let me know which one you would prefer and we shall take care of making the necessary reservations. Regards, Sent' To: Sub} . 1gu1 a Please note that myself and Mr.-propose to arrive in Panama City on the 15th May and depart on the 18th May so we can meet with Messrs. Mossack and Fonseca to discuss business. Could you recommend a hotel to stay in? Thanks in advance. Regard s, 5/12/2005 Page 1 of 6 To: Cc: Subject: RE: Anguilla Dear Mr- We refer to Mr_omments in his e-mail of 26th April 2005 below. As requested by Mr attached please find reply from the principals regarding the negotiations related 0 con ractual arrangement with yourselves for the sale of Anguillan corporate entities. We look forward to your reply on this matter. Regards, From Sent: ues ay, pn Cc: Subject: Anguilla Dear Ms? Thank you t?or your email ot?yesterday's date. I would wish to make the following points with regards to the matters raised by Mr. Mossack. i. The Commission, which gives the Companies Registry consent to grant access to ACORN to overseas agents, agrees with your views expressed in point 1 of Mr. Mossack's letter. The Commission would therefore give Mossack Fonseca the right to object to any applications from overseas agents from the Latin American region which includes the area from Mexico in the north, down through Central America and into the entire continent known as South America. I will discuss this further below. 2. With regards to point 2 of Mossack's letter, we accept his View but would wish for 5/12/2005 . . . MOSSACK FONSECA 28th April, 2005 Messrs. The Board of Anguilla Financial Services Commission PO. Box 1575 The Valley, Anguilla British West Indies Attention: Lanston Connor, Registrar of Companies Dear Sirs, RE: BUSINESS PROPOSAL AN GUILLAN CORPORATE ENTITIES We refer to Mr_omments in his e-mail of 26th April 2005. Kindly note that we are indeed interested to continue the negotiations related to the contractual arrangement with yourselves for the sale of Anguillan corporate entities. However, we feel that it is ss this proposal face to fact, as suggested since the beginning by you agree, please let us know when it would be feasible for repre Government of Anguilla and the board of Anguilla Financial Services Commission to come to Panama so we can make the necessary arrangements to welcome you at our of?ces. We look forward to your reply on this matter. Best regards, MO ACK FONSECA CO. .qus'.rnossf'crrxom Au a up '1 . Arangc-Orillac 54th Street RD. Box 08320886 World Trade Center Panama. Rep. of Panama (5?37) 263-8899 2642322 263-732? 263 928 lviF?gmosstor (242) 322~760i (2:12) 322-5807 325-3583 bahams?mossfm corr (284) 494-4840 494-4976 (284) 494-1841 4945884 genera @riossfon-B'JL30m m, 4683] 4341 (683) 4357 niue?'mossiontom it? {248} 324866 (248) 324867 com GLOBALOFHCES JERSEY LUXEMBOURG GENEVA LONDON ZUHCH LUGANO CZECH CYPRUS UECRTENSTEN BERMUDA GUATEMALA URUGUAY BRAZH PERU HONGKONG SNGAPORE TFALAND GUANGZHOU SHANGHM VANCOUVER Seguimos negociando?? Saludos Regards J. Mossack Original From: Ramon Fonseca - Partner Sent: Tuesday, April 26, 2005 9:08 AM To: Jurgen Mossack Partner; artner Cc. Su El problema que veo que es un chinito se aproveche de esto inunde el merccado asiatico con cias de Anguilla. Aunque nosotros tenemos Seychelles. Mensaje original--?-- De: Jurgen Mossack - Partner Envia 2005 9:05 Para: Partner Ramon Fonseca - Partner CC Asunto: RE: Anguilla A $100 nos interesa? No creo. Saludos/ Regards J. Mossack From Sent: Tuesday, April 26, 200 To: Jurgen Mossack Partnekartner; Ramon Fonseca - Partner Subject: FW: Anguilla Dear Sirs, See below reply from Anguilla FSC. I will await your comments. Reiards, mangumafsdcomi Sent: Tuesday, April 26, 2005 8:51 AM To: Cc Subject: Anguilla Thank you for your email of yesterday's date. I would wish to make the following points with regards to the matters raised by Mr. Mossack. 1. The Commission, which gives the Companies Registry consent to grant access to ACORN to overseas agents, agrees with your views expressed in point 1 of Mr. Mossack's letter. The Commission would therefore give Mossack Fonseca the right to object to any applications from overseas agents from the Latin American region which includes the area from Mexico in the north, down through Central America and into the entire continent known as South America. I will discuss this further below. 2. With regards to point 2 of Mossack's letter, we accept his view but would wish for Mossack Fonseca to try its best in this area. Also note that Anguilla should enact Foundations legislation by the end of this year. 3. misspoke in my email when said that the fee for the companies would be per company and apologise sincerely for this. The fee will be in the range of per company and will depend on volume. This fee will be subject to negotiations. 4. The normal government fee of will apply to everyone else. Mossack Fonseca will in no way be disadvantaged. 5. The agreement would cover the entire Latin American and South American region and no other registered agent from this part of the world will be offered any similar arrangement to the detriment of Mossack Fonseca. In addition, if an applicant from that region wants to be granted a trust company or company management licence or come in as an overseas agent, the Commission will be obligated to pass the application by Mossack Fonseca for prior approval. However, even if Mossac Fonseca agrees to the licence, the applicant will be charged the normal fees for incorporation and will not be able to undercut the arrangement with Mossack Fonseca. 6. ln point 4, Mr. Mossack raised the issue regarding professional clients and intermediaries in terms of their due diligence requirements. Please note that the Commission has adopted and will continue to adopt the approach of the BVI in this respect. 7. In point 5, you raised the issue of the Antimoney Laundering Guidance Notes which require all records to be held in Anguilla. Please note that in section 4.2 of the AML Regulations 2000, an undertaking can be given from the introducer of business that the introducer, which in Mossack's case would be its professional intermediaries, that he/she has the due diligence information. The statement in the Guidance Notes about where the records should be kept reflects best practice but the Commission will not insist that records are kept in Anguilla if Mossack assures it that Mossack can get easy access to said records, if the Commission requires certain information, for regulatory purposes. I trust this is clear. Plea orrespondence on this matter should be addressed directly to ho is the Re of Companies, and he can be reached a nguillafsdcom ill continue the negotiations if you so wish to continue. Regards, Sent: pri TQWanguilladecom Subjec nguilla Many thanks for your e-mail of 19th April 2005 (see below). assed your proposal to the principals and attach herewith please In eir response, which is self-explanatory. We look forward to receive your comments on this matter at your earliest convinience. Regards, P.S. Kindly note th 2005. -s on holidays from the 20th April to 9th May _Qg_e_1E2? Sent: Monday, April 25, 2005 6:09 PM To: Jurgen Mossack Partner; Ramon Fonseca - Partner;_ Partner Subject: FW: Anguilla From=? Se April 25, 2005 6:06 PM To anguillafsd.com' Subject: FW: Anguilla Many thanks for your e-mail of 19th April 2005 (see below). -- assed your proposal to the principals and attach herewith please find their i self-explanatory. We look forward to receive your comments on this matter at your earliest convinience. Regards, P.S. Kindly note that - is on holidays from the 20th April to 9th May 2005. Fro?anguillafsd-com] Sent: Tuesday, April 19, 2005 4:57 PM To: WW Dear Ms. Thank you very much for your email of today's date. We hope that the principals will indeed take another look at Anguilla. You may wish to point out to Messrs. Mossack and Fonseca that the Government of Anguilla would be willing to enter into a contractual arrangement with the principals for the sale of Anguillian corporate entities at a extremely discounted price on consignment over a number of years, if Mossack Fonseca would push the sale of said companies and Anguilla as a jurisdiction for setting up mutual funds, captive insurance companies and protected cell companies to its clients in South and Latin America. The Government of Anguilla has a contract with a major Far East player which has agreed to promote Anguilla and its entities in that region and the Government is seeking to do the same for South and Latin America. The companies would cost Mossack Fonseca as little as per company as opposed to per company. Please discuss this matter with your principals and revert to me at your earliest convenience. Representatives from the Government of Anguilla and this of?ce would be more than willing to ?y to Panama to discuss this proposal face to face if your firm agrees. Further, there would be no need for your ?rm to establish a separate office here in Anguilla but rather, you could use the services of a local practitioner. I look forward to a response. Regards, 4/27/2005