A new bill aimed at France will be in place to take trade, tax and migration measures on companies who put Panama on a blacklist. The government of Panama on Tuesday announced a bill that would take a range of steps against countries that put it on their blacklists of “tax havens” in the wake […]

One of the founders of Panama law firm Mossack Fonseca has dismissed accusations of wrongdoing following the leak of millions of its documents as a media “witch hunt” aimed at undermining the legitimate industry of setting up offshore companies. Ramón Fonseca, said he believed the disclosure was the work of hackers, staunchly defended the legality […]

An investigation published today by the International Consortium of Investigative Journalists [https://panamapapers.icij.org/] and its media partners reveals the hidden workings of a secretive industry that banks and lawyers use to hide the financial holdings and dealings of powerful clients, including prime ministers, parliamentarians, plutocrats and criminals, according to a trove of leaked documents. The files, […]

The Commission is today issuing Instruction Number 01/2016 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 04/2015 issued on 19 November 2015. Myanmar has now been added to Part B of the Instruction which lists countries and territories with improving Global AML/CFT Compliance. This means that financial services businesses and prescribed businesses may […]

Panama breaches international guidelines to prevent money laundering and terrorism financing, according to an evaluation of the International Monetary Fund (IMF) that worries experts. The IMF found that of the 40 recommendations of the Financial Action Task Force to combat these crimes, Panama complied fully with one, applied three broadly, 23 partially and 13 not […]