An unprecedented glimpse into the financial affairs of China’s ruling elite is making the Party nervous.
China Was Largest Market for Panama Papers Firm: Investigation – South China Morning Post
China and Hong Kong accounted for one-third of Mossack Fonseca’s business.
Beijing believes that “ideological consistency” at all levels of the Party will help reduce corruption.
The Russian president dismissed the Panama Papers as a Western “information product,” before claiming that Sergei Roldugin spent all his money on musical instruments.
The West Is Enabling Graft in Ukraine – New York Times
“…The main enabler of corruption in Ukraine isn’t Mossack Fonseca, or even Panama; it’s the West.”
The rule will force banks to identify beneficial – rather than just legal – owners of their customers. No timetable has been announced.
Many of the files may be covered by attorney-client privilege or other protections, rendering them inadmissible in court.
Cracking Shell Company Secrecy – New York Times
Six expert takes on how the U.S. should address the loopholes exposed by the Panama Papers.
UK Regulator Sets Deadline for Panama Papers Reviews – Financial Times
Banks have until April 15 to investigate any involvement and set out a response.