The leak of 11.5 million documents from Panama-based law firm Mossack Fonseca has focused unprecedented attention on the use of tax havens and trails of secret companies to conceal the beneficiaries of undeclared and illegally obtained money.
The Financial Conduct Authority says a sample review of firms offering contract for difference products (CFD) has indicated that providers industry-wide are failing to comply with its client take-on rules and need to do more to prevent financial crime.
Risk management and legal compliance are serious issues for all businesses. A tightening of regulation - and the fear of negative publicity as a consequence of perceived unethical conduct - has placed such issues into sharp focus. Nowhere is this risk more acute than in the oil, gas and extractives markets.