Panama Papers: Banks Facing Liability For Client Tax Evasion

Law360, New York (May 17, 2016, 11:25 AM EDT) -- Amy Carpenter-Holmes

Kenneth Gazzaway Offshore tax havens and nominee entities such as private investment companies (corporate entities often established offshore that act as account holders in lieu of the individuals who beneficially own the assets) pose significant regulatory and compliance risks to international financial institutions. Regulatory authorities around the world, including the U.S. Department of Justice, intensified their investigations into offshore tax havens after the April 3, 2016, publication of names associated with the Panamanian law firm Mossack Fonseca, widely known as the "Panama Papers," and the firestorm of public outcry.

While the Panama Papers leak prompted media attention, the swift...

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