The Panama Papers leak represented a crucial turning point in financial transparency as we know it. Andres Fernandez and Gabriel Caballero Jr. at Holland & Knight Law have posted a detailed explanation of the situation at hand. In response to the reveal of more than 11 million names linked to offshore companies, the White House has made clear that they will respond to this corruption with serious reform. Some steps they will be taking administratively include Treasury regulation on Customer Due Diligence as well as new proposed taxed rules issued jointly by the Treasury and the IRS. Treasury, Congress and the Department of Justice will all being taking steps that will greatly impact both domestic and foreign companies in response to the serious issues of financial reporting, tax transparency, money laundering and more.
For the full details on the White House response, click: Panama Papers Fallout: A Push for Transparency and Regulatory Reform
Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal