Panama Papers turn spotlight on customer due diligence

A cache of 11.5 million documents leaked from Panama law firm Mossack Fonseca has revealed 140 politically exposed persons (PEPs), including 12 serving or past heads of state, with connections to offshore companies.

Timon Molloy, managing editor

The data, sifted by the International Consortium of Investigative Journalists [1], details links between 214,488 entities and individuals in over 200 countries over a period of almost 40 years, from 1977 to the end of 2015. Some governments – the UK, France, Australia and New Zealand – have already said they will study the findings for signs of tax evasion.