Taiwan: Taiwan to probe one of country’s biggest banks for ties to ‘Panama Papers’
Author(s): UNK | Date: August 22, 2016 | Language: English
Source: http://www.straitstimes.com/ | URL: http://goo.gl/ShT3P8 | Type: text
HONG KONG/TAIPEI (BLOOMBERG) – Taiwan’s government will probe a bank that was fined US$180 million for violating anti-money laundering laws by a US regulator, which described its compliance programme as a “hollow shell.”
Taiwan’s Financial Supervisory Commission will investigate Mega International Commercial Bank Co, the agency said in a statement on its website on Sunday (Aug 21). Shares of Mega Financial Holding Co, the bank’s parent, plunged as much as 6.9 per cent in Taipei on Monday.
Suspicious transactions flowed between the bank’s New York and Panama branches and a substantial number of customer “entities” were apparently formed by Mossack Fonseca, the Panama law firm at the center of the “Panama Papers” scandal, the Department of Financial Services in New York said Friday.
Northrop & Johnson, which is based in Hong Kong and describes itself as a broker for superyachts, declined to comment on its involvement. A sales broker with Northrop & Johnson said the company had a confidentiality agreement with the client, adding: “The client does not want any publicity.”
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