The Pandora Papers, Money Laundering, and Shell Companies: Risks for Professionals in a Changing Legal Landscape
American Bar Association
The Pandora Papers is yet another massive data leak and media scandal exposing corporate structures used in the U.S. and across the globe to allegedly hide assets, evade taxes and launder tainted funds. Partners Peter Hardy and Beth Moskow-Schnoll will join the panel to discuss how this scandal is adding fuel to already ongoing efforts by U.S. lawmakers and regulators to increase the scrutiny of so-called “gatekeepers” or “enablers” – including lawyers and other professionals – for assisting, unwittingly or otherwise, in laundering the proceeds of clients’ illicit conduct. The panel also will discuss the new Corporate Transparency Act, and how it focuses a spotlight on the reporting of beneficial owners of so-called “shell companies,” and related due diligence considerations for the financial and legal advisors of corporations and other legal entities.