Weekly Roundup: Group Publishes Leaked Tax Evasion Data, Fitch Says AML Costs May Drive Banks Out of Global Business, and More

The leak of over 2.5 million secret files from the British Virgin Islands and other locales to a group of media outlets has revealed the identities of thousands of beneficial owners of over 120,000 shell companies used to hide trillions of dollars of taxable wealth. The files include records of incorporation, transfers of cash and other secret memos linked to wealthy individuals and officials from the United States, China, Great Britain, Pakistan and elsewhere. The data cache, which is over 160 times larger than the two gigabytes worth of diplomatic cables published by Wikileaks in 2010, was analyzed by 86 journalists from 46...