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#2072365 - 04/04/16 11:10 PM Panama Papers
Princess Romeo Offline

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Princess Romeo
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Where the heart is
From a BSA/AML perspective, the "Panama Papers" are absolutely fascinating. Wonder what this latest revelation is going to do on the whole "Beneficial Owner" concept. Very interesting to read some of these articles and just how deep down the rabbit hole a lot of this goes.

At the very least, it might be worth it to run some of these names against counter-parties in wires and other transactions.

At the very least, you should be able to add to your PEP database from all the information that has been leaked.
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#2072377 - 04/05/16 10:06 AM Re: Panama Papers Princess Romeo
Elwood P. Dowd Offline
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Next to Harvey
Add this to the "Anonymous, Inc" story from 60 Minutes and public comprehension of shell companies and money laundering went up incredibly almost overnight.
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#2072456 - 04/05/16 03:20 PM Re: Panama Papers Princess Romeo
MagicCity Offline

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MagicCity
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The ripple effect of the Panama Papers gives me a chill.

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#2072461 - 04/05/16 03:27 PM Re: Panama Papers Princess Romeo
Daisy Doodle Offline
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I hear Disney used as an example of legitimate shell companies in one of the articles. Disney bought land for their parks through shell companies in order to keep the land prices from jumping up for them.

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#2072511 - 04/05/16 05:20 PM Re: Panama Papers Princess Romeo
MollyM Offline
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Mississippi
The Disney story is true - they didn't want anyone to know who was buying the land - because of price increases and also because of proprietary secrets - didn't want anyone to know of expansion.
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#2072526 - 04/05/16 06:09 PM Re: Panama Papers Princess Romeo
Mary Beth Guard (admin) Offline
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We talked at Top Gun about the changing nature of financial crime and spotlighted kleptocracy, among other things. It appears the world may be even more full of corrupt officials than one could imagine.

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#2072529 - 04/05/16 06:11 PM Re: Panama Papers Princess Romeo
RockChucker, CAMS Offline
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The Country
Welcome to BOL Mary! Congratulations on your 1st post! wink
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#2072533 - 04/05/16 06:20 PM Re: Panama Papers Princess Romeo
John Burnett Offline
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Some of the names here are certainly not surprises. I wasn't shocked to find Comrade Putin mentioned. But Gunnlaugsson, the (former, as of today) prime minister of Iceland?
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#2072534 - 04/05/16 06:23 PM Re: Panama Papers Princess Romeo
John Burnett Offline
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John Burnett
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My crystal ball forecasts a renewed interest in EDD for PEPs in BSA/AML examinations over the next year or so.
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#2072536 - 04/05/16 06:43 PM Re: Panama Papers RockChucker, CAMS
Mary Beth Guard (admin) Offline
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Originally Posted By RockChucker
Welcome to BOL Mary! Congratulations on your 1st post! wink


I had not noticed that all my previous posts went "Poof! Gone!" Some days I really hate technology.

Back to the Panama Papers. I particularly like this illustrated explanation:
http://www.theguardian.com/world/2016/ap...to-a-5-year-old

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#2072545 - 04/05/16 07:12 PM Re: Panama Papers Mary Beth Guard (admin)
thomasj Offline
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Originally Posted By Mary Beth Guard (admin)


Back to the Panama Papers. I particularly like this illustrated explanation:
http://www.theguardian.com/world/2016/ap...to-a-5-year-old


I need the person who wrote this article to come and explain CIP to our staff......
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#2072551 - 04/05/16 07:27 PM Re: Panama Papers thomasj
Lilly C Offline
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Lilly C
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Sunny Florida
What I a great article! I think I'm going to use this at our next BSA Board training.

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#2072555 - 04/05/16 07:34 PM Re: Panama Papers Princess Romeo
Daisy Doodle Offline
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I filed it away too. It's a great training piece.

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#2072556 - 04/05/16 07:34 PM Re: Panama Papers Lilly C
edAudit Offline
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edAudit
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You are here
Originally Posted By Lilly C
What I a great article! I think I'm going to use this at our next BSA Board training.


Are you sure the age comprehension level is not to high? smile
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#2072558 - 04/05/16 07:46 PM Re: Panama Papers Princess Romeo
Lilly C Offline
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Lilly C
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Sunny Florida
I'm hoping I will get a chuckle and not questions:)

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#2072578 - 04/05/16 08:46 PM Re: Panama Papers John Burnett
MollyM Offline
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Mississippi
Who has now resigned? I was shocked as well.
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“The strongest of all warriors are these two—Time and Patience.”

Leo Tolstoy
Russian Author

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#2072825 - 04/07/16 02:23 PM Re: Panama Papers Princess Romeo
rlcarey Offline
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rlcarey
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Galveston, TX
Another interesting article from the Guardian. I have now seen a number of articles on the US being targeted as one of the worst offenders. The US government and the States are going to come under increased pressure to do something that is outside of any beneficial ownership rules FinCEN could ever impose on financial institutions.


http://www.theguardian.com/us-news/2016/apr/06/panama-papers-us-tax-havens-delaware
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#2072827 - 04/07/16 02:30 PM Re: Panama Papers Princess Romeo
John Burnett Offline
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Negative reports from FATF on a country's AML/CFT controls can have adverse affects on trade. Ten years ago, when FATF last did a "mutual evaluation" of the U.S., we got adverse comments on our transparency of beneficial ownership of business entities and of trusts. At that time, our government may have taken the cavalier attitude that our economic influence would offset the negative evaluation. We're due for the next mutual evaluation this year, and the global economy has certainly changed in the intervening ten years. Government may be under more pressure to take action to improve things.
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#2072864 - 04/07/16 04:59 PM Re: Panama Papers Princess Romeo
RockChucker, CAMS Offline
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Posts: 1,691
The Country
" Government may be under more pressure to take action to improve things."

Means: Force banks to do the job that the government is unable and unwilling to do because it is full of inept individuals.
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#2073245 - 04/10/16 04:44 PM Re: Panama Papers Princess Romeo
Princess Romeo Offline

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And it starts...

http://www.nbcnews.com/storyline/panama-...iminals-n553396

How long before examiners are asking banks if they are searching their customer base with the names in these documents?
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CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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#2073249 - 04/10/16 07:21 PM Re: Panama Papers Princess Romeo
Elwood P. Dowd Offline
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We should be so proud:

* the law firm is in Panama,
* the geographic footprint for most of the individuals secreting assets is in Europe, Asia and South America

Yet, they came to the U.S. to set up more than 1,100 corporations, most of them in Nevada.

My favorite quote from the RIA that purports to provide the cost justification for the U.S. beneficial ownership regulation:

It would further enable the United States to demonstrate progress at the FATF, and at other international bodies, and bilaterally to encourage other jurisdictions to comply with the FATF standards and avoid accusations of hypocrisy due to its own lack of compliance.

How can we avoid accusations of hypocrisy? We are hypocrites. Nothing constitutes a higher level of proof than our proposed beneficial ownership regulation. It's a transparent sham that accomplishes absolutely nothing.
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#2073274 - 04/11/16 01:16 PM Re: Panama Papers Princess Romeo
ACBbank Offline
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New York City
I have not had a chance to actually read through the materials yet. I was curious as to what banks (US or non US) are mentioned in the documents?
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#2073331 - 04/11/16 03:11 PM Re: Panama Papers Princess Romeo
Princess Romeo Offline

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Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
All of the folks that provide OFAC and 314(a) screening lists - do they have their techno-wizards combing through the Panama Papers to compile names?

At the very least - there is a business opportunity.
_________________________
CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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#2073339 - 04/11/16 03:37 PM Re: Panama Papers Princess Romeo
rlcarey Offline
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rlcarey
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Posts: 80,325
Galveston, TX
Not all transactions in the Panama Papers were illegal or involved the laundering of money. Such an endeavor at this point in time would be worthless.
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#2073345 - 04/11/16 04:25 PM Re: Panama Papers Princess Romeo
RockChucker, CAMS Offline
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Posts: 1,691
The Country
That is unless you feel like you might be caught "swimming without shorts on when the tide goes out" and want to do some early damage control
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