This month is the one year anniversary of the Panama Papers, a leak of 11 million documents from the Mossack Fonseca law firm that showed how easy it is for corrupt public officials, money launderers, drug traffickers and other criminals to hide behind anonymous companies and access the global financial system.
Entries in beneficial owners (16)
The United States champions itself as a nation policing the rest of the world, preventing money laundering, tax evasion and foreign corrupt practices. Yet there is hypocrisy afoot.
The Treasury Department's Financial Crimes Enforcement Network renewed rules Thursday that force U.S. title insurance companies to identify the natural persons behind companies used to pay all cash for high-end residential real estate in some parts of the country.
As a Canadian practicing law and operating out of the British Virgin Islands (BVI), any mention of Mossack Fonseca and Canada in the same breath is guaranteed to capture my attention.
You arrive in a new city on a rainy day and check into your top floor hotel room, only to find the roof is leaking.
A lack of information about the people who ultimately own or benefit from legal entities is one of the most pervasive challenges in increasing transparency and fighting against corruption. The U.S. Government oversees a vast network of contractors, and the collection and publication of the beneficial ownership information of such contractors as part of procurement protocol could greatly benefit the level of transparency in government contracting, cut down on government waste, and decrease fraud and corruption.
The FCPA Blog will be in New York City on October 26 and I hope you'll be there too.
Prime Minister David Cameron hosted an international anti-corruption summit in London Thursday and used the event to announce steps to end the secret ownership of property in the UK by foreigners.
The Obama Administration Thursday announced a series of actions to end the use of anonymous corporations in the United States and require disclosure of beneficial owners when foreigners deposit money or buy assets in this country.