Wealth Management, Tax Evasion and Money Laundering: The Panama Papers Case Study

Law Digest Issue 11 Autumn 2016

15 Pages Posted: 7 Jun 2016 Last revised: 13 Oct 2016

See all articles by Ehi Esoimeme

Ehi Esoimeme

University of Wales System - Cardiff Law School

Date Written: April 27, 2016

Abstract

Purpose: This paper aims to discuss the various anti-money laundering programmes that banks are required to put in place, to mitigate the tax evasion and money laundering risks in wealth management.

Design/Methodology/Approach: This paper uses the “Panama Papers” revelations to illustrate the vulnerability of private banks to money laundering. Private banks are banks, or operational units within banks, which specialize in providing financial services to wealthy individuals. These services are often referred to as wealth management services.

Findings: This paper determined that effective implementation is the key to lifting the veil of secrecy once and for all and eradicating tax evasion. Rather than create new laws and policies, efforts should focus on supporting effective implementation, and promoting enhanced cross-border and inter-agency co-operation on tax and financial crimes.

Research Limitations: This paper will focus on one aspect of our banking system — wealth management — that may be particularly attractive to criminals who want to launder money.

Originality/Value: While most articles are focused on the money laundering/tax evasion risks posed by offshore locations, this article is focused on domestic banks that allow funds to be transferred to offshore locations.

Keywords: Wealth Management, Tax Evasion, Money Laundering

Suggested Citation

Esoimeme, Ehi, Wealth Management, Tax Evasion and Money Laundering: The Panama Papers Case Study (April 27, 2016). Law Digest Issue 11 Autumn 2016. Available at SSRN: https://ssrn.com/abstract=2790543 or http://dx.doi.org/10.2139/ssrn.2790543

Ehi Esoimeme (Contact Author)

University of Wales System - Cardiff Law School ( email )

PO Box 427
Cardiff, Wales CF10 3AX
United Kingdom

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