A new trove of confidential records known as the Paradise Papers will further fuel the financial services industry's growing hesitancy to process transactions for legal entities with no apparent business purpose, sources told ACAMS moneylaundering.com. The cache of 13.4 million documents obtained by German newspaper Suddeutsche Zietung and the International Consortium of Investigative Journalists from Bermuda-based law firm Appleby, corporate registries and other sources, reveals how at least 120 politicians and leaders, including the Queen of England, U.S. Commerce Secretary Wilbur Ross and Stephen Bronfman, the chief fundraiser for Canadian Prime Minister Justin Trudeau, use shell companies and offshore banks...
The leak of millions of records purporting to show widespread exploitation of offshore financial centers by global leaders, lenders and criminals is expected to draw governmental scrutiny of illicit finance, however unevenly.
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