Skip to content
BOL Conferences
Page 1 of 2 1 2
Thread Options
#2072365 - 04/04/16 11:10 PM Panama Papers
Princess Romeo Offline

Power Poster
Princess Romeo
Joined: Jun 2001
Posts: 8,272
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.
_________________________
CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

Return to Top
BSA/AML/CIP/OFAC Forum
#2072377 - 04/05/16 10:06 AM Re: Panama Papers Princess Romeo
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
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.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top
#2072456 - 04/05/16 03:20 PM Re: Panama Papers Princess Romeo
MagicCity Offline

Power Poster
MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
The ripple effect of the Panama Papers gives me a chill.

Return to Top
#2072461 - 04/05/16 03:27 PM Re: Panama Papers Princess Romeo
Daisy Doodle Offline
Diamond Poster
Joined: Feb 2014
Posts: 1,030
Southern U.S.
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.

Return to Top
#2072511 - 04/05/16 05:20 PM Re: Panama Papers Princess Romeo
MollyM Offline
100 Club
Joined: Jul 2005
Posts: 127
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.
_________________________
“The strongest of all warriors are these two—Time and Patience.”
—
Leo Tolstoy
Russian Author

Return to Top
#2072526 - 04/05/16 06:09 PM Re: Panama Papers Princess Romeo
Mary Beth Guard (admin) Offline
New Poster
Joined: Feb 2013
Posts: 9
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.

Return to Top
#2072529 - 04/05/16 06:11 PM Re: Panama Papers Princess Romeo
RockChucker, CAMS Offline
Diamond Poster
Joined: Jul 2013
Posts: 1,700
The Country
Welcome to BOL Mary! Congratulations on your 1st post! wink
_________________________
A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
-David Brinkley

Return to Top
#2072533 - 04/05/16 06:20 PM Re: Panama Papers Princess Romeo
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
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?
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#2072534 - 04/05/16 06:23 PM Re: Panama Papers Princess Romeo
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
My crystal ball forecasts a renewed interest in EDD for PEPs in BSA/AML examinations over the next year or so.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#2072536 - 04/05/16 06:43 PM Re: Panama Papers RockChucker, CAMS
Mary Beth Guard (admin) Offline
New Poster
Joined: Feb 2013
Posts: 9
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

Return to Top
#2072545 - 04/05/16 07:12 PM Re: Panama Papers Mary Beth Guard (admin)
thomasj Offline
Power Poster
Joined: Mar 2001
Posts: 5,063
Pennsylvania
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......
_________________________
Knowledge is knowing what to say. Wisdom is knowing when to say it.

Return to Top
#2072551 - 04/05/16 07:27 PM Re: Panama Papers thomasj
Lilly C Offline
100 Club
Lilly C
Joined: Dec 2004
Posts: 209
Sunny Florida
What I a great article! I think I'm going to use this at our next BSA Board training.

Return to Top
#2072555 - 04/05/16 07:34 PM Re: Panama Papers Princess Romeo
Daisy Doodle Offline
Diamond Poster
Joined: Feb 2014
Posts: 1,030
Southern U.S.
I filed it away too. It's a great training piece.

Return to Top
#2072556 - 04/05/16 07:34 PM Re: Panama Papers Lilly C
edAudit Offline
Power Poster
edAudit
Joined: Jul 2008
Posts: 4,796
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
_________________________
Opinions can be considered as coming from anywhere but my employer.

CAMS


Return to Top
#2072558 - 04/05/16 07:46 PM Re: Panama Papers Princess Romeo
Lilly C Offline
100 Club
Lilly C
Joined: Dec 2004
Posts: 209
Sunny Florida
I'm hoping I will get a chuckle and not questions:)

Return to Top
#2072578 - 04/05/16 08:46 PM Re: Panama Papers John Burnett
MollyM Offline
100 Club
Joined: Jul 2005
Posts: 127
Mississippi
Who has now resigned? I was shocked as well.
_________________________
“The strongest of all warriors are these two—Time and Patience.”
—
Leo Tolstoy
Russian Author

Return to Top
#2072825 - 04/07/16 02:23 PM Re: Panama Papers Princess Romeo
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,229
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
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2072827 - 04/07/16 02:30 PM Re: Panama Papers Princess Romeo
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
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.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#2072864 - 04/07/16 04:59 PM Re: Panama Papers Princess Romeo
RockChucker, CAMS Offline
Diamond Poster
Joined: Jul 2013
Posts: 1,700
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.
_________________________
A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
-David Brinkley

Return to Top
#2073245 - 04/10/16 04:44 PM Re: Panama Papers Princess Romeo
Princess Romeo Offline

Power Poster
Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
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?
_________________________
CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

Return to Top
#2073249 - 04/10/16 07:21 PM Re: Panama Papers Princess Romeo
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
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.

Return to Top
#2073274 - 04/11/16 01:16 PM Re: Panama Papers Princess Romeo
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 4,344
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?
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

Return to Top
#2073331 - 04/11/16 03:11 PM Re: Panama Papers Princess Romeo
Princess Romeo Offline

Power Poster
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'

Return to Top
#2073339 - 04/11/16 03:37 PM Re: Panama Papers Princess Romeo
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,229
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.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2073345 - 04/11/16 04:25 PM Re: Panama Papers Princess Romeo
RockChucker, CAMS Offline
Diamond Poster
Joined: Jul 2013
Posts: 1,700
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
_________________________
A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
-David Brinkley

Return to Top
Page 1 of 2 1 2

Moderator:  Andy_Z