Are Caribbean banks ready for new FINCEN customer due diligence requirements for financial institutions?

Caribbean banks address fears of severed ties with U.S. banks due to fines and higher costs in a new set U.S. compliance regulations issued by the U.S. Department of the Treasury Financial Crimes Enforcement Network. With the release of the Panama Papers, many investors, banks, financial institutions, and foreign countries are concerned that the traditional shell company may…

Panamanian Law Firms Have A Requirement to Report

Diaz Reus Global Managing Partner Michael Diaz, Jr. was interviewed by WLRN-Miami Herald News’ Americas correspondent covering Latin America and the Caribbean, Tim Padgett, regarding the implications of the Panama Papers controversy and what it means to Miami and Panama City.  Listen to the broadcast segment here.  Follows is the transcript: Law Firm Leak A Wake-Up Call For Panama Authorities…