Panama Leak: Mossack Fined $440K

The Government of the British Virgin Islands has today announced that the independent regulator, the Financial Services Commission (FSC) has issued an enforcement action against Mossack Fonseca & Co (B.V.I) Limited that sees the firm fined $440,000 for its contravention of numerous sections of the Anti-Money Laundering and Terrorist Financing Code of Practice and BVI Regulatory Code.

According to a statement from government, the fine, which is the largest ever issued by the Financial Services Commission, relates specifically to failures in record keeping, risk assessment and adequate updating of customer due diligence. The full details of the enforcement action are available on the BVI FSC website.

Commenting, Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE, said, “Today’s enforcement action clearly demonstrates the effectiveness of the Territory’s independent regulator, the seriousness with which it tackles any breaches of its code and, through the adjustments made to its Risk Assessment Framework, an on-going commitment to strengthening its regime to ensure this remains fit for purpose.”

Premier Smith added, “Achieving this outcome in the face of intense international scrutiny is testament to the FSC’s conviction, dedication and willingness to conduct such a thorough investigation whilst holding to account those who fail to comply with the territory’s structure and regulations. Throughout this time, the FSC has co-operated fully with any requests from other international law enforcement agencies who are conducting their own independent investigations and it will continue to do so as this befits its position as


Be the first to comment

Leave a Reply

Your email address will not be published.