Panama Papers Takeaway for Financial Institutions: Check Your D&O and E&O Insurance
This month, The International Consortium of Investigative Journalists began reporting on their review of over 11.5 million documents, the private client files of a Panamanian law firm that specialized in trust services, covering a 40-year span. Among other things, the ICIJ “Panama Papers” documents reveal:
- Offshore holdings of 140 politicians and public officials from around the world, including the (now former) prime minister of Iceland, the president of Ukraine, and the king of Saudi Arabia
- More than 214,000 offshore entities connected to people in more than 200 countries and territories
- Major banks’ central role in the creation of hard-to-trace companies in offshore havens