The Panama papers, an unprecedented leak of 11.5 million files, provoked worldwide inspection of financial sectors. Taking into account the information that appeared in mass media, regulators of various countries have started unscheduled checking. According to approximate estimates, from 1977 to 2015, over 500 banks registered front organizations in Panama. The world’s largest banks, including HSBC, Credit Suisse, UBS etc, are among the participants of the Panama fraud.
The published documents have attracted attention of financial authorities of most countries. The Dutch Bank emphasized a possibility of money laundering in the world of professional football. At the same time, Spain found out that there is a front company owned by Pilar de Bourbon, an aunt of Spain’s King Felipe VI. Swedish authorities asked Nordea Bank, the largest bank in the country, to clarify the information that the bank facilitated tax avoidance for its clients. The fact that Iceland’s prime minister and his wife kept money in Panama caused such a severe reaction that people demanded to appoint a new prime minister.
The calmest response was in Russia and Switzerland. The point is that Russian people were not surprised by the news that the country’s officials are hiding their money abroad. According to the Swiss legislation, banks have a right to register companies in offshore territories obeying particular laws. At present, Swiss authorities are attempting to find out whether the laws have been broken or not.
