Banking Leaks Exposing Financial Crime - Impacts of Major Leaks like Panama Papers, FinCEN Files, Pandora Papers

Authors

  • Muhammad Danish Khan BBA, Institute of Banking & Finance (IBF) BZU
  • Hamza Younus MSBA, Institute of Southern Punjab, Multan
  • Tabish Aslam AM HR, M&P Courier Express Logistics Private Limited.
  • Sheraz Ahmad Internal Audit Officer, Volka Food International Limited

Abstract

This paper analyzes the impacts of major banking data leaks such as the Panama Papers, FinCEN Files, and Pandora Papers in exposing issues of financial crime. These leaks have provided insight into global tax evasion, money laundering, and hidden offshore accounts of politicians and wealthy individuals. However, the implications of these leaks are complex, with debates around privacy, security, ethics, and public policy. The research objectives are to assess the role banking leaks have had in: (1) exposing financial illegalities; (2) influencing reforms around financial transparency and regulation; and (3) instigating investigations and prosecutions of financial crimes. An analysis of the relevant literature is provided, followed by a presentation of key findings from the analysis of the banking leaks datasets. Results indicate the leaks provided significant evidence of financial crimes, leading to multiple investigations and policy reforms, but with limitations around verifiability, completeness, and inconsistent follow-up globally. Suggestions for further research are proposed with a focus on legal frameworks and cooperation between whistleblowers, journalists, regulators, and law enforcement.

Keywords: Banking Leaks, Panama Papers, Fincen Files, Pandora Papers, Financial Transparency, Offshore Tax Evens, Money Laundering

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Published

2024-02-04

How to Cite

Muhammad Danish Khan, Hamza Younus, Tabish Aslam, & Sheraz Ahmad. (2024). Banking Leaks Exposing Financial Crime - Impacts of Major Leaks like Panama Papers, FinCEN Files, Pandora Papers. Journal of Business and Management Research, 3(1), 185–190. Retrieved from https://jbmr.com.pk/index.php/Journal/article/view/108