What is the International Leaks Database?

Data collection obtained through various leaks and papers like WikiLeaks, Panama papers, Dubai leaks, etc, mainly exposes information about illicit financial activities, tax evasion, and money laundering, mostly conducted through offshore entities.

The international leaks database helps authorities and organizations identify suspects, which further helps find hidden financial networks that are important for developing strong AML measures.

Importance Of International Leaks Database

The International Leaks Database plays an important role in fighting crime against AML/CFT, providing updated information about hidden financial activities and illicit money flows.

Insight Detection

Some of the critical points of the international leaks database are detailed insights from the leaked financial documents to aid authorities and financial institutions in detecting money laundering and illicit financial activities and, at the same time, supporting anti-money laundering regulations compliance efforts.

Leak Exposure

The leaks expose the people and the entities’ hidden financial operations, how they launder, get involved in illegal financial activities, and evade taxes. By making the information public, these entities can be held accountable.

Record Investigation

The detailed records, individual identities, the offshore companies’ structure, and their transaction details benefit the investigation authorities and serve as a lead for tax evasion, financial crimes, and ensuring AML compliance.

Cross-Border Collaboration

By revealing illicit financial flows and cross-border networks, the authorities across different jurisdictions enhance their corporations and collaborate more efficiently, thus creating difficulties for financial criminals to exploit the global financial system.

Suggested Read: How Sanction Checks Mitigate Cross-Border Financial Risks

What Are Major International Leaks?

Following are some of the major international leaks databases:

Swiss leaks

It has financial information for over 100,000 clients, and it is HSBC’s Swiss private bank.

Paradise papers

Almost 13.4 million documents of corporations, celebrities, and politicians involved in offshore financial activities.

Dubai leaks

Shows how powerful individuals around the world use Dubai’s financial system to hide their illicit money.

Read More: Dubai Real Estate, A Growing Spot Of Money Laundering By PEPs & RCAs?

Panama papers

Almost 11.5 million documents show shell companies, individuals, and offshore accounts hiding illicit and laundered money.

Read More: What Is the Panama Papers Leak?

Pandora Papers

The Pandora Papers are a collection of approximately 12 million leaked papers which is almost 3 terabytes of data that reveal the hidden and occasionally immoral or corrupt transactions of the global wealthy and powerful, including important world leaders, legislators, business executives, celebrities, and billionaires.

Read More: Pandora Papers: Everything You Need to Know

FinCEN files

FinCEN files have leaked documents stating suspicious transaction reports worth $2 trillion.

Luxleaks

These documents state how corporations and companies in Luxembourg evade taxes.

Wrapping Up

The Internationally Leaked Documents Screening is crucial in identifying new patterns and ways of committing financial crimes, as well as loopholes and gaps in the regulations and laws of money laundering and terror financing.

These leaks are an essential source for the investigation authorities and policymakers to build more effective rules and regulations as new issues are not being appropriately detected, so they are crucial for fighting against financial crimes.