Variances in data-protection rules from country to country are impeding EU investigations of politicos with secret offshore holdings as documented by the Panama Papers, European lawmakers heard Thursday.
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.
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.
More than a week after media allegations of widespread abuse of shell companies, banks are scrambling to determine what ties they have to the Panamanian law firm at the center of the scandal.
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.
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.
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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