Authorities in the United States have more information about library card holders than the owners of registered companies and this bipartisan group of U.S. senators wants to change that.
Allowing the owners of shell companies to hide their identities from United States authorities constitutes a “significant loophole” in the country’s ability to tackle money laundering and illicit financing, a senior FBI official.
Mauricio Funes and several associates were charged for allegedly disguising $3.5 million in bribes from a state contractor, using offshore companies uncovered as part of the Panama Papers.
The investigation is focused on whether Germany’s biggest bank helped clients set up offshore accounts to transfer money from criminal activities.
Police in Panama arrested the founders of Mossack Fonseca, the law firm at the center of the Panama Papers scandal, on money laundering charges Thursday after authorities raided the firm’s headquarters as part of investigations into Brazil’s largest-ever bribery scandal.