Panama Papers to hasten AML cooperation

Author: Danielle Myles | Published: 27 Apr 2016
Regulatory cooperation to catch offenders is on the rise
The Libor and forex scandals have laid the groundwork for quicker and stronger enforcement of the hoard of violations to be exposed by the Panama Papers.

Coordination among prosecutors around the globe has grown exponentially since the first fine for rate-rigging was handed to Barclays in 2012. It’s a trend reaffirmed by Clifford Chance’s 2016 global survey of corporate criminality and which could be fine-tuned by the fallout from the world’s biggest data leak.

“Inarguably, the globalisation of enforcement is taking place,” said Clifford Chance senior associate Richard Sharpe at the report’s launch yesterday, adding: “I think the next big project for global cooperation will be AML [anti-money laundering] arising from the Panama Papers.”

“That will be the next big multinational enforcement effort," he added.

Along with tax avoidance and sanction breaches, money laundering is at...