Overview

Back in 2016, an unprecedented 11.5 million documents relating to financial and legal records were leaked by the International Consortium of Investigative Journalists (“ICIJ”), eventually hitting global headlines as the Panama Papers scandal. The many documents contained within the Panama Papers outlined various sizable illegal financial schemes which encompassed fraud, tax evasion, money laundering and illicit flows of money.[1] The scandal boosted global awareness of the importance of disclosures of corporations’ Beneficial Owners (“BO”) and ultimately led to a number of commitments being made by global leaders in relation to BO transparency at the 2016 London Anti-Corruption Summit. Said commitments were aimed at the prevention of crimes relating to corruption, tax evasion, terrorism financing and money laundering.[2]

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