European Parliament to check for EU AML failings after Panama Papers leak

By Keith Nuthall

The European Parliament voted unanimously yesterday (8 June) to set up a committee of inquiry to probe the ‘Panama Papers’ leak, which revealed that Panamanian lawyers Mossack Fonseca worked with more than 14,000 banks, law firms and middlemen to set up companies, foundations and trusts for customers to hide and move sometimes crime-tainted money.