As outlined in an earlier post, one of the U.S. government’s responses to the Panama Papers revelations was to push forward regulations that required financial institutions to identify corporate owners having more than 25 percent ownership in an organization opening a bank account. There is, however, perhaps a more robust response emanating from the United Kingdom.
As reported by the Financial Times, “the revelations have already prompted UK politicians to demand that banks that sell to offshore companies in murky territories should be held responsible if they enable wealthy individuals to evade taxes.” (Presumably there would be an exception for UK Prime Minister David Cameron.)
