Although anti-money laundering due diligence is supposed to be scrupulous, risk-based and objective, the Panama Papers reveal that Mossack Fonseca may have caved to pressure to accept limited client identification information in order not to lose a top Hong Kong client immersed in a corruption case.
The nephew to South African President Jacob Zuma allegedly named in the Panama Papers– but this is unconfirmed.
A number of Chinese leaders including Bo Xilai (now serving a sentence for corruption), Xi Jinping’s brother-in-law and former president Hu Jintao incorporated offshore companies in the British Virgin Islands. The article speculates that these corporations may have been used to hide millions of dollars from Chinese authorities.
Middle east dictators and their relatives named in the papers.
Australia’s investigating more than 800 for tax evasion related to the Panama Papers.
Vladmir Putin’s nemesis Petro Poroshenko also used Vlad’s tactics in offshoring assets.
Hackers attacked websites discussing the Panama papers with DDOS attacks.
Could bitcoin prevent corruption and tax evasion such as that shown in the Panama papers?
Many countries vie for the title of World Financial Centre, but few would want Panama’s reaffirmed reputation of world laundromat.
One observer argues for renewed urgency in eliminating secret beneficial ownership and increased prosecution of banks, art dealers, property companies and international financial advisors who aid and abet the secret beneficial ownership practice in order to tackle the offshoring found in the Panama papers.
You can watch a live feed of the twitter hashtag #PanamaPapers here.