Pandora Papers: Setback masks real progress

by Jake Plenderleith

Over the last 12 months, 600 journalists have investigated material, uncovering details of how wealthy corporations and individuals have used offshore arrangements to exploit tax loopholes and protect trillions of dollars from tax exposure in the Pandora Papers. The same arrangements are also attractive to organised crime and corrupt politicians with the potential to launder the proceeds of their crimes. The Pandora Papers have shone a light on many fascinating cases. This commentary focuses on anti-money laundering (AML) and implications for the wider compliance community – including what practical steps or actions compliance officers should take, in light of the extensive findings.