NYDFS Goldman Sachs Panama Papers Investigation

12 May AtoZForex, Vilnius The state financial regulator of New York (NYDFS) has questioned Goldman Sachs and three other banks located abroad. For information relating to shell companies registered through a law firm based out of Panama, revealed an individual familiar with the ongoings. Goldman Sachs Panama Papers tie has shone a negative light upon the firm in the wake of a major recent document leak. 

NYDFS - The New York Department of Financial Services requested similar type of information relating to shell companies from BNP Paribas SA, Standard Chartered PLC as well the Canadian Imperial Bank of Commerce revealed the same individual source.

Goldman Sachs Panama Papers tie has made it the only U.S. based bank to have been contacted by the NYDFS for shell company details. Representatives from both banks, Standard Chartered, and Goldman Sachs, refused to comment on the matter while BNP Paribas SA and Canadian Imperial Bank of Commerce didn't revert on the requests made for official comments.

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ICIJ Panama Papers database

The operation undertaken by the NYDFS comes several weeks after the International Consortium of Investigative Journalists (ICIJ) cooperatively worked with media sources such as the BBC and the Guardian to report the 11.5 million documents that were leaked from Mossback Fonseca, A Panamanian law firm.

The large volume of documents has now come to be recognized as the Panama Papers. The documents contained sensitive information detailing the specifics of 214,000 offshore accounts revealing how corporations and individuals were successful in hiding away assets and also avoiding taxes. The database consisting the documents have now been public since Monday.

Other banks involved

The information requests were not limited to the 4 banks. In the preceding month, The NYDGS sent out requests of a similar nature to 13 other banks that included ABN Amro Group NV, Deutsche Bank AG, Commerzbank AG, Credit Suisse Group AG and Society Generale SA.

The specifics of the requests to the 13 banks included communication information, specific details on dealings between their branches in New York and either agents / employees at Mossack Fonseca, as well as phone records. The banks were also asked to reveal any investigations either internal or external, that involved shell companies or law firms that they might have helped set up. Out of the 13 banks that were contacted by the NYDFS, none had been found guilty of malpractice.   

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