Featured Panama Papers

Malta’s Pilatus Bank was a ‘money transfer operation’

Pilatus Bank was a “money transfer operation” rather than an ordinary bank providing investment corporate and retail services to high net individuals, according to the bank’s administrator Lawrence Connell. The former US financial regulator reached his conclusion in his first six-month report covering up to August 2018, which was only… Read More

Holding the Line on Ultimate Beneficial Ownership

The misuse of legal structures for illicit activities has been the subject of intense global scrutiny since the release of the Panama Papers in April 2016 and the Paradise Papers in November 2017. Since then, the requirements around the identification of the UBOs (ultimate beneficial owners) of legal entities have… Read More

NGOs: To Curb Money Laundering, Company Owners Should be Made Public

Civil society organizations urged the participants of a conference on combating money laundering to insist on the establishment of a public register that would show who owns which company in which country. Representatives from 205 countries and jurisdictions are meeting this week in Paris to discuss global action that can… Read More
10th February 2020
A German businessman charged with evading U.S. taxes as part of an investigation sparked by a trove of leaked documents known as the Panama Papers will plead guilty, federal prosecutors said. Harald Joachim von der Goltz, a former U.S. resident who was indicted along with three others in 2018… Read More
3rd February 2020
Art has come a long way from the more than 70,000-year-old drawings in the Blombos Cave of South Africa to, in perhaps its most “postmodern” iteration, its appearance in the EU’s 5th Anti-Money Laundering Directive (5AMLD), which was to be implemented earlier this month.  With sales in the global… Read More
6th January 2020
A €100,000 transaction between Keith Schembri and his auditor Brian Tonna was “crazy” and should never have been allowed to take place, a former Pilatus Bank non-executive director told the Egrant inquiry. The transaction, a suspected kickback on passport sales, has been the subject of a criminal inquiry since April… Read More
3rd January 2020
Two executives and a Swiss firm linked to shell companies in the Panama Papers data leak were charged in the U.S. with scamming investors in pump-and-dump schemes. Blacklight SA and the executives bought shares of small publicly traded companies and then publicized false information such as pending merger deals, prosecutors… Read More
22nd November 2019
“At the moment, money is still winning,” says Gerard Ryle, director of the International Consortium of Investigative Journalists (ICIJ) in response to a question on whether money or truth is more powerful.  But that’s not to say financial crooks are particularly comfortable in the age of data leaks,… Read More
15th November 2019
Generally speaking, “money laundering” is not at the top of anyone’s agenda as they go about their daily lives.  The average person might occasionally read a news article about a drug dealer convicted of drug trafficking and money laundering or hear a passing mention on a television show, but… Read More
23rd October 2019
If anyone at Deutsche Bank—or at any of Europe’s other financial institutions, accounting firms, or tax offices—has evidence of wrongdoing by Donald Trump, now would be a good time to share it. Deutsche Bank, for example, has insisted that it doesn’t have copies of Trump’s tax returns. But employees of… Read More
18th October 2019
Mossack Fonseca, a Panamanian law firm at the center of the “Panama Papers” scandal, has filed a lawsuit against Netflix Inc (NFLX.O) over its new movie based on the case, accusing the video streaming company of defamation and seeking to stop the film’s release. The Panama Papers, which… Read More
21st August 2019
France and Panama have signed a bilateral agreement in Panama City to create a group designed to curb tax fraud, announced Gérald Darmanin, French minister of public accounts. The move comes years after Panama was blacklisted amid the Panama Papers tax evasion scandal. “With Panama’s Minister of Economy and Finance, Hector Alexander, we… Read More
6th August 2019
An Austrian administrative court has rejected Raiffeisen Bank International’s challenge against a 2.75 million euro ($3.1 million) fine over insufficient anti-money-laundering checks, the bank said on Monday. Austria’s Financial Market Authority imposed the fine last year here over a breach of RBI’s due diligence requirements for the prevention of… Read More