Global Banks Assessing Their Exposure to ‘Paradise Papers’ Companies and Clients

By Dan Bethencourt, Valentina Pasquali and Koos Couvée

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 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...