Treasury Should Probe U.S. Banks on Panama Papers, Senators Say
Source: Bloomberg
Steven T. Dennis
April 7, 2016 — 3:59 PM EDT
A pair of the U.S. banking industry’s biggest Senate critics demanded a Treasury Department investigation into offshore banking revelations contained in leaked documents from a Panama-based law firm.
Democratic Senators Elizabeth Warren of Massachusetts and Sherrod Brown of Ohio sent a letter to Treasury Secretary Jack Lew on Thursday asking the department to investigate whether U.S. banks, companies and individuals had ties to Mossack Fonseca, the law firm whose leaked records have already prompted the resignation of Iceland’s prime minister and reverberated around the globe.
"While we recognize that some of this information may be decades old, we are particularly concerned about whether companies or individuals involved with or utilizing the services of this firm may have facilitated money laundering or terrorist financing with sanctioned persons or entities," they wrote.
They said Treasury, and not just the Justice Department, should investigate, given Treasury’s role in the financial markets.
"These disturbing revelations and others reveal activity that may threaten our national security and our financial system by undermining U.S. and international laws promoting financial transparency and combating money laundering and terrorist financing," they wrote.
Read more: http://www.bloomberg.com/politics/articles/2016-04-07/treasury-should-probe-u-s-banks-on-panama-papers-senators-say
= new reply since forum marked as read
