IMF: U.S. Must Tackle Shell Companies, Beneficial Ownership
A new report from the IMF faults the United States for turning a blind eye to shell companies and unclear beneficial ownership—that is, the parties that really control a company or its related bank accounts, even if they do so behind the scenes. That loose approach, the report says, “creates ...
Related articles
-
ArticleMossack Fonseca leak prompts global compliance crackdown
While politicians draw fire for their connections to shell companies, regulators and legislators are threatening to take action. CW’s Joe Mont says to expect plenty of renewed scrutiny on beneficial ownership data, attacks on U.S. incorporation laws, and a focus on how firms conduct due diligence on third parties, business ...
-
Article
How the Panama Papers uncovered a global cornucopia of corruption
Working from one of the most ambitious whistleblower tips of all time, more than 370 journalists in 80 countries embarked on a year-long effort to parse through leaked files from the Panama-headquartered law firm Mossack Fonseca.
-
ArticleFraud, money laundering, and sanctions prompt global regulators to increase scrutiny of law firms
Legal firms face growing global regulatory pressure, requiring compliance managers to focus on integrated systems, identity verification, and staff training to prevent crime and penalties.