As media organizations prepare to launch a database of records leaked from a Panama City-based company, a top Panamanian official on Thursday reiterated the country's plans to improve its financial transparency. Last month, the International Consortium of Investigative Journalists (ICIJ) and associated news outlets alleged that 11.5 million documents obtained from law firm Mossack Fonseca indicated the existence of hundreds of thousands of shell companies used for licit and illicit purposes by politicians, wealthy business leaders and criminals. The consortium, which has cited the use of offshore companies by more than a dozen current and former heads-of-state, will for publish...
Panama has taken "substantial steps" to tackle tax evasion after last year's leak of millions of documents from offshore law firm Mossack Fonseca revealed the nation's role as a global enabler of illicit financial flows, an international economic body said.
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.