Antonis Kazoulis

Antonis Kazoulis 

Posted Monday April 4, 2016

Panama Papers: The secret is out

"ICIJ's (International Consortium of Investigative Journalists) Arachnys subscription was invaluable. Especially in researching PEPs and news sources from across the globe."

This is coming from ICIJ. We are honoured and humbled to have been able to help with piercing the offshore veil and exposing one of our time's most significant financial secrecy scandals.

We are talking about the biggest leak of inside information in history. We are talking about an investigation that will send shockwaves around the world, involving banks, law firms, politicians, athletes and companies. We are talking WikiLeaks on steroids. 

Published by the International Consortium of Investigative Journalists in collaboration with the German newspaper Süddeutsche Zeitung and more than 100 other news organizations around the world, the Panama Papers reveal the secretive underworld of offshore investments and the anti-money laundering connotations associated with it. From emails and financial spreadsheets, to passports and corporate records, more than 11.5 million documents have seen the light of day, creating an unprecedented case study for money-laundering. 

What's going to happen next? People will be exposed, calls for more transparency will be voiced but the dust will eventually settle. The real question everyone should be concerned about is this: How do we attack the problem at its source? 

AML, KYC and compliance issues have always been the elephant in the room – we all acknowledge its existence but nobody does anything about it. Now things are different. Now the elephant is not just standing in the room, it's also singing. If we do nothing more than simply react, soon there will be a new scandal breaking out. It's time to act.

Topics: / Arachnys in the News

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