The Treasury Committee says it will examine the effectiveness of anti-money laundering systems and sanctions, listing areas of concerns investigated by ICIJ.
Prosecutors have issued arrest warrants for Jürgen Mossack and Ramón Fonseca, the founders of the law firm at the heart of a global investigation on the rogue offshore industry.
Prosecutors fined the bank $15.8 million for its failure, on more than 600 occasions, to promptly submit reports that would have alerted criminal investigators to suspicious transactions.
The territory’s secrecy rules have long attracted criminals and secretive companies created there have featured in several ICIJ investigations on offshore finance.
New York’s financial regulator acknowledged that the financial system is “awash with trillions of dollars in dirty money,” and has called on banks to help fix it.
Richard Gaffey forged documents to help American clients evade taxes and worked with lawyers at the Panamanian law firm Mossack Fonseca, prosecutors said.
The FACTI panel cited ICIJ investigations for bringing financial crimes and tax justice to the world’s attention, but says reform has been slow to come when wrongdoing is exposed.