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U.S. Set To Ensure There Are No Palm Beach Papers

Panama's shame will not be repeated in Florida...because there is already more than enough shame there to go around.
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Given the new sh*t that has come to light out of Panama, Jack Lew and his friends next door at the White House are going to go ahead and finalize a rule that’s been in the works for four years, which would tell banks that the rule saying they have to “know their customer” really means what it says.

The White House’s Office of Management and Budget earlier this week accepted for final review a rule that would force banks to identify the owners of companies behind shadowy financial transactions, such as the firms revealed in the Panama Papers scandal or the ones used to buy real estate. It would close a loophole that critics say allows criminal money into the U.S. financial system….

The existing rules don’t require financial institutions to learn the true owner of a corporate entity, which critics have long said encourages corrupt officials across the globe to create shell companies to stash their funds in the U.S. financial system for safekeeping.

U.S. Rule Would Force Banks to Identify Shell-Company Owners [WSJ Risk & Compliance blog]


By Federal Bureau of Prisons ( [Public domain], via Wikimedia Commons

83-Year-Old Gets Four Years For Crimes Of All Panama Papers Characters

‘It’s not even a close question that von der Goltz be incarcerated.’

Spikebrennan at English Wikipedia [GFDL, CC-BY-SA-3.0 or CC BY 2.5], via Wikimedia Commons

Fab Tourre’s Fabulousness Extends To Grading Papers

The newly-minted PhD. Brings more empathy to the task of TAing a class in asset pricing than his students can possibly imagine.