One year after the Panama Papers exposed the offshore banking activities of the clients of the Panamanian firm Mossack Fonseca, it is still legal and permissible for corporations in America to be anonymously owned. This practice continues to draw criticism in the face of mounting requirements for financial institutions to ‘know their customers,’ and among foreign policy experts who fear a growing kleptocracy. What is the proper policy response to an area where financial regulation, national security, foreign policy, and global business converge?
On March 30, the Center on Regulation and Markets at Brookings hosted Sen. Sheldon Whitehouse (D-RI) for keynote remarks on efforts to end the use of anonymously owned corporations. A panel of experts and regulators followed his keynote remarks.
Executive Director of the Kleptocracy Initiative - The Hudson Institute
Senior Policy Advisor - Institute of International Finance
“The 21st century has revalued these small geographies. That’s what the 21st century demands,” Katz said, noting that these days, “[w]e aren’t innovating in isolated business parks” in the suburbs.
"Instead of stopping trade, modernize the trade agreements, but also provide safety nets for workers. Because these things are going to keep happening, not only because of trade but because of modernization."