Panama Leaks raise lawyers’ awareness of significant questions about 4MLD

The Financial Conduct Authority’s (FCA) widely publicized revelation that it has yet to see the full Panama Papers data has exacerbated growing legal concerns whether banks’ compliance with the Fourth Money Laundering Directive (4MLD) is sufficient. In this climate, lawyers are warning banks and wealth managers that the directive raises significant questions about circumstances where the genuine company owner cannot be identified.