ESG Risk Alert – “‘Panama Papers’ Scandal – Banks’ governance practices need strengthening” – Solaron – April 7, 2016

On April 7, 2016 Solaron Sustainability Services issued an ESG risk alert, highlighting the role banks played in the “inception of offshore tax havens” in Panama.  “Nearly 15,600 shell companies have been registered by hundreds of banks and their subsidiaries to protect the assets of their super-rich clients.”

The alert concludes as follows:  ”In the wake of the panama papers scandal, where financial regulators are sure to tighten laws, it would be prudent for banks and financial institutions to adopt the necessary measures at the earliest.”

You may read the alert on the Solaron internet site.