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 International Consortium of Investigative Journalists (11)
Two international experts appointed by the Panama government to investigate the use of anonymous offshore companies to evade taxes and hide assets quit Friday because of government interference.
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.
In the wake of the Panama Papers revelations, the U.S. has (belatedly) announced that it will . The rules, which include requiring financial institutions to find out and keep records on the real owners behind the companies that use their services, aim to help U.S. law enforcement pierce the layers of anonymous shell companies that people can use to disguise their financial dealings around the world.
Documents leaked Sunday from a Panama law firm showed alleged use of anonymous shell companies by world leaders, politicians and others to shield billions of dollars from public view.
HSBC said in a statement Thursday that French magistrates ordered a formal criminal investigation ("mise en examen") into HSBC’s Swiss Private Bank for alleged tax-related offenses.
HSBC CEO Stuart Gulliver opened an account at the bank's Swiss affiliate in the name of a Panama-based company while he was based in Hong Kong.
Prosecutors in Switzerland searched the offices of HSBC's private bank in Geneva Wednesday as part of an investigation into money laundering.
Family members of China's current and prior political leaders are using secret, offshore companies to help hide their wealth in tax havens, a new report says. And some well-known banks and accounting firms have played a significant role in helping them do it.