Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

New legal liabilities after Panama Papers?

Tom Fox | May 9, 2016

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.)

This response reminds one of the implications for both financial institutions and non-banking entities in the realm of anti-corruption...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.