A United Kingdom tribunal has penalized a solicitor and firm financial crime compliance officer 45,000 pounds for failing to do even an internet search to check whether his clients were tied to powerful political officials, in the first disciplinary matter to involve infamous offshore law firm Mossack Fonseca – the entity at the heart of […]

  ZURICH (Reuters) – Raiffeisen Bank International AG (RBI) has been fined 2.75 million euros ($3.39 million) by Austria’s Financial Market Authority (FMA) for a breach of due diligence requirements for the prevention of money laundering and terrorist financing.   The bank had been under investigation by FMA since 2016 after its name was mentioned […]

Germany’s Federal Crime Office(BKA) has said that it had obtained a copy of the leaked data known as the Panama Papers that last year revealed how offshore firms are used to stash the wealth of the world’s rich and powerful. Some 11.5 million documents from the Panamanian law firm Mossack Fonseca were leaked to a […]

Tax agencies from 30 countries convened in Paris this week to take part in the largest ever simultaneous exchange of tax information and to share results and details on thousands of investigations sparked by the Panama Papers. The meeting of the Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC), an informal grouping of tax […]

New York’s top financial regulator slapped a “Panama Papers”-linked bank with a $180 million fine for anti-money laundering violations. Mega Bank, a $103 billion Taiwanese bank with one New York office, ignored the risks associated with transactions involving Panama, a high-risk area for money laundering, the state Department of Financial Services said in a statement […]

Joseph Stiglitz the Nobel prize-winning economist steps down saying Panama government refused to guarantee report would be made public. The committee set up to investigate the lack of transparency in Panama’s financial system itself lacks transparency, Nobel prize-winning economist Joseph Stiglitz has said after resigning from the Panama Papers commission. The leak in April of […]

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 […]

The Maltese Police Force will not be carrying out further individual investigation related to the Panama Papers as it feels that, on the basis of the information obtained by the local authorities, there isn’t the necessary reasonable suspicion to the level required by law that a crime has been committed. After six weeks of not […]