Latest: Corruption and Money Laundering.
Execs: Panama Papers will speed corruption measures, but doubts remain.
Corporate executives expect the Panama Papers disclosures to produce stepped-up enforcement of regulations against corruption including money-laundering. But many lack confidence in their companies’ ability to prevent financial crimes.
A Deloitte Advisory poll found that nearly 9 percent of the executives surveyed had little faith in their organizations’ ability to mitigate financial crimes.
“While we don’t recommend organizations limit their risk assessments of financial crime exposures to only Panama Papers data, the leaks certainly offer a new wake-up call on the importance of stemming beneficial ownership and third-party risks,” said Michael Shepard, a principal in Deloitte Transactions and Business Analytics LLP’s anti-money laundering practice.
“Failure to mitigate financial crime risk can result in legal and regulatory violations, civil and criminal penalties, inability to grow through acquisition, reputational damage and court appointment of an outside risk monitor,” he said.
Nearly 23 percent said their companies already had or planned to make financial crime management changes. Nearly 44 percent were somewhat confident. Nearly 21 percent reported said their biggest challenge was lack of visibility into the actual beneficial ownership of their companies...
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