The U.S. Treasury Department intends to soon issue a long-delayed rule forcing banks to seek the identities of people behind shell-company account holders, after the “Panama Papers” leak provoked a global uproar over the hiding of wealth via offshore banking devices.
A department spokesman said on Wednesday the rule would “soon” be turned over to the White House for review and issuance, but did not confirm any timetable for the initiative, which has taken years.
Governments around the globe have launched probes into possible financial wrongdoing after 11.5 million documents from the Panamanian law firm Mossack Fonseca, nicknamed the “Panama Papers,” were leaked to the media and reports emerged Sunday. Mossak Fonseca has said it was the victim of a computer hack, and that it has consistently acted appropriately.
The papers offer “validation for those who have been screaming for a decade” about the need for financial institutions in the United States and elsewhere to address risks of money laundering, terror finance and other crime by identifying people who clandestinely control legal entities, former Treasury official Chip Poncy told Reuters.
Whilst it is definitely bad publicity for Dominica – I hold the same view as the AG.
Before these documents surfaced it was common knowledge that there were many corrupt citizens all over the globe. It will be big news that a handful of names from Dominica get mentioned but the idea that they are going to be chastised by International law agencies is a non-starter. They do not have jurisdiction in Dominica and will only receive whatever levels of cooperation that is deemed necessary.
This is going to have absolutely no negative bearing on foreign aid to the country. I say this because western countries have been continually providing aid to countries with atrocious human rights records and they know the money given stays with the politicians and not getting to the people it’s meant for.
Governments around the globe have launched probes into possible financial wrongdoing. Not in Dominica boy, de Government doing wrong
The United Kingdom is the biggest hub for moneylaudering of criminal activity with thousands of UK shell companies existing and being incorporated on a day by day basis.
The Panama papers is just a ruse to nail down the 99% for any kind of financial privacy.
They want ALL our money for TOTAL control and eventual extermination.
Does the National Bank of Dominica have a corresponding foreign bank? or should we take our moeny out right now? What to do?
What money your pall Linton is skint you just wait when the high Court in London call for there money again.
Hurry bring back our monies to the treasure before we loss them for good!
Dominicans, amidst all this global uproar following the release of the Panama Papers, are there still some of you who believe that Dominica’s involvement is not really a big deal? My people, the revelations of the Panama papers will ultimately result in some global repercussions that will definitely affect small island states such as Dominica in the worst way. As investigations continue it is becoming clearer and clearer that there is a case of serious mismanagement of the Country’s money and that the people involved, being very close associates of the Prime Minister, clearly implicates the Government of the Commonwealth of Dominica. As a small developing country which lacks any internal growth engines Dominica depends greatly on foreign sources of financial assistance for its very survival. The Government’s culpability in any wrongdoings re: the Panama Papers has the potential to severely cripple its ability to attract much needed financial assistance to our shores.
haha, the citizens in that silly island called Dominica don’t care about anything..
they headline as the fools paradise so what’s the issue…
Dominicans are proud to be poor, unhealthy and foolish period..
they have brought shame to the rest of the region due to their incompetency to do the right thing…the fools are worshiping one man…
look at the bi-election, those folks in the Soufriere Constituency are to headless it’s a shocking shame seeing them fall for a few pennies…
must be global known, Dominica as the Fools Paradise..
This is called DEMOCRACY!! As soon as everybody does what YOU want them to do then they will no longer be foolish, right?