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#2072377 - 04/05/16 10:06 AM
Re: Panama Papers
Princess Romeo
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10K Club
Joined: Aug 2001
Posts: 21,939
Next to Harvey
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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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In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.
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#2072461 - 04/05/16 03:27 PM
Re: Panama Papers
Princess Romeo
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Diamond Poster
Joined: Feb 2014
Posts: 1,030
Southern U.S.
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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
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100 Club
Joined: Jul 2005
Posts: 142
Mississippi
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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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“The strongest of all warriors are these two—Time and Patience.†— Leo Tolstoy Russian Author
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#2072526 - 04/05/16 06:09 PM
Re: Panama Papers
Princess Romeo
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New Poster
Joined: Feb 2013
Posts: 9
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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
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Diamond Poster
Joined: Jul 2013
Posts: 1,700
The Country
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Welcome to BOL Mary! Congratulations on your 1st post! 
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A successful man is one who can lay a firm foundation with the bricks others have thrown at him. -David Brinkley
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#2072533 - 04/05/16 06:20 PM
Re: Panama Papers
Princess Romeo
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10K Club
Joined: Oct 2000
Posts: 40,086
Cape Cod
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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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John S. Burnett BankersOnline.com Fighting for Compliance since 1976 Bankers' Threads User #8
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#2072534 - 04/05/16 06:23 PM
Re: Panama Papers
Princess Romeo
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10K Club
Joined: Oct 2000
Posts: 40,086
Cape Cod
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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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John S. Burnett BankersOnline.com Fighting for Compliance since 1976 Bankers' Threads User #8
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#2072545 - 04/05/16 07:12 PM
Re: Panama Papers
Mary Beth Guard (admin)
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Power Poster
Joined: Mar 2001
Posts: 5,063
Pennsylvania
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I need the person who wrote this article to come and explain CIP to our staff......
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Knowledge is knowing what to say. Wisdom is knowing when to say it.
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#2072556 - 04/05/16 07:34 PM
Re: Panama Papers
Lilly C
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Power Poster
Joined: Jul 2008
Posts: 4,810
You are here
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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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Opinions can be considered as coming from anywhere but my employer.
CAMS
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#2072578 - 04/05/16 08:46 PM
Re: Panama Papers
John Burnett
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100 Club
Joined: Jul 2005
Posts: 142
Mississippi
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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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#2072827 - 04/07/16 02:30 PM
Re: Panama Papers
Princess Romeo
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10K Club
Joined: Oct 2000
Posts: 40,086
Cape Cod
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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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John S. Burnett BankersOnline.com Fighting for Compliance since 1976 Bankers' Threads User #8
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#2072864 - 04/07/16 04:59 PM
Re: Panama Papers
Princess Romeo
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Diamond Poster
Joined: Jul 2013
Posts: 1,700
The Country
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" 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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A successful man is one who can lay a firm foundation with the bricks others have thrown at him. -David Brinkley
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#2073249 - 04/10/16 07:21 PM
Re: Panama Papers
Princess Romeo
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10K Club
Joined: Aug 2001
Posts: 21,939
Next to Harvey
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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.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.
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#2073274 - 04/11/16 01:16 PM
Re: Panama Papers
Princess Romeo
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Power Poster
Joined: Jul 2006
Posts: 4,512
New York City
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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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"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu
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#2073339 - 04/11/16 03:37 PM
Re: Panama Papers
Princess Romeo
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10K Club
Joined: Jul 2001
Posts: 85,064
Galveston, TX
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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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The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#2073345 - 04/11/16 04:25 PM
Re: Panama Papers
Princess Romeo
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Diamond Poster
Joined: Jul 2013
Posts: 1,700
The Country
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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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A successful man is one who can lay a firm foundation with the bricks others have thrown at him. -David Brinkley
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