Banks Ordered to Provide Info on Panama Dealings to NY Regulator
This article is a summary of reporting by ICIJ. Originally published April 20, 2016.
The New York Department of Financial Services issued an order demanding that 13 foreign banks, including Deutsche Bank, Credit Suisse, and Commerzbank, disclose dealings with Mossack Fonseca. The institutions were given a 10-day deadline to furnish phone logs, correspondence, and records of transactions with the Panama-based firm and connected shell entities. The move highlighted increasing international scrutiny over how major global lenders facilitated offshore secrecy structures.
AI Summary
New York's banking regulator ordered 13 international financial institutions to hand over records related to their interactions with Panama-based Mossack Fonseca.
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