With national governments this week mustering responses to a massive leak of privileged documents, the international groups that direct the global fight against money laundering have remained relatively quiet, and could stay so. On Sunday, the International Consortium of Investigative Journalists (ICIJ), the Organized Crime, Corruption and Reporting Project and other news agencies published a fraction of the 11.5 million files obtained from Mossack Fonseca, exposing the Panama City-based firm's secret business ties to over 150 current and former heads of state and sparking calls for investigations. The apparent, widespread exploitation of offshore corporations created by the firm to conceal...
Financial institutions should plan out how they will investigate news of terrorist attacks, grand-corruption schemes and other high-profile crimes that often bear compliance ramifications, a senior U.S. official said.
Reports last month alleging widespread misuse of shell companies linked to Panamanian law firm Mossack Fonseca have drawn undue criticism of the British Virgin Islands, according to two Tortola-based investigators.
The Panama Papers are justifiably grabbing headlines. But it's important to step back and have a little perspective: the use of shell companies for tax evasion, the proceeds of corruption and other crimes detailed in the papers are outrageous, but sadly nothing new.
Facing criticism over his late father's offshore holdings, U.K. Prime Minister David Cameron outlined plans on Monday asked parliamentarians to make it easier to prosecute companies that aid tax dodgers.
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.