system that is designed to deter tax evasion and money laundering.ent: she didn't respond to our questions. mossack fonseca say the allegations are unsupported and false. they have always complied with international protocol to insure companies are not used for elicit purposes. >> we need to shine a spotlight on who owns what and where money is really flowing. correspondent: it is david cameron who introduced the u.k.'s register of company ownership, but his late father is revealed in the files as a client of mossack fonseca. they show ian cameron helped set up a company in the bahamas. they wanted to attract investors to put their money in a fund, so they made sure it never paid u.k. tax. mr. cameron and other directors would fly to the bahamas for board meetings so they could say the company was run offshore. but there is more. the mossack fonseca files reveal investors held their stakes through bearer shares. now, they were widely used at the time, but are now banned in many countries because they can be used for money laundering and tax evasion.

it makes money-laundering easier, terror financing easier, it makes circumventing u.n.anctions systems easier, so there are clearly huge disadvantages of the system. what is the clear advantage of having shell comompanies and bak accounts, but there are clear disadvantages. ursula: i think it is the nature of money to be anonymous that is the nature of money. . peter: please explain. ursula: if it comes to cash, if i give you 100 euros, are a thousand dollars, nobody knows where it has been before, and nobody would know where it would go. money is not a personal thing. it is just trust, which is handled over from one end to the other. that is the nature of money. , money traded within these circles you described, or money in shell c companies is illegal money -- malte: i never said that. ursula: i understood that. malte: no, the system is legal as it is, but that's the problem. it is too legal. in other times, we would have said diplomacy is anonymous in nature, or telephone calls. and after scandals, like wikileaks, and things like this, in the digital age, money is no

they allow the laundering of title to the artifacts. the united states is a single largest market for art in the world. with 43% of market share. because of the availability to import the art and artifacts and because of artistic preference, the united states is the largest ultimate market for antiquities for the ped trainian and the middle east. they have no established value and no documented history. they can be mined from the ground as new commodities and they are the perfect vehicle for moving funds around the world and support being activities like money laundering and purchase of drugs and weapons and organized crime and terrorism. because of the unknown nature of looted antiquities, databases of art and useless for regulating the antiquities trade and technologies that would tag would in my opinion be ineffective. both isil and the assad regime are participating in looting and come from the sale. the 12ds of satellite images of archaeological sites of looting. in this image which is located in the eastern part of syria and fell

they allow allowed the laundering of titles to these artifacts. united states is the single largest market for arts in the world. is 43% of market share. because of the availability of the charitable tax deduction, the ability to part works of art and artifact without payments and because of artistic preference the united states is the largest market for antiquities. antiquities freshly looted from the grounds have no established value. no documented history. they can be mined from the ground as new commodity. therefore they had the perfect vehicle for moving funds in value around the world and supporting illegal activity such as trade base money laundering, purchase of drugs and weapons, organized crime, and terrorism. because of the unknown nature of recently looted antiquities, databases databases have stolen art, there for the most part useless for regulating the tray. technology that would tag cultural objects would in my opinion be similarly ineffective. both isil and the assad regime are realizing income from the sale of antiquities. satell

and they allow the laundering of title to these artifacts. the united states is a single largest market for art in the world. with 43% of market share. because of the availability of the charitable tax detuks. the ability to import works of art and because of artistic preference, the united states is the largest market for antiquities, particularly those from the mediterranean and middle east. antiquities have no established value. and no documented history. they can be mine ed from the ground as new commodities, they are the perfect vehicle for moving funds and value around the world. and supporting illegal activi activities. purchase of drugs and weapons, organized crime and terrorism. because of the unknown nature of recently looted antiquities are for the most part useless for the antiquities trade. both isil and the assad regime are participating in looting and realizing income from the sale of antiquities. studies of satellite images reveal historic patterns of looting preconflict. in this image of the site of mari, which is located in

is financed in the dirt is laundering and the like as money laundering. he of course talks about that. but i would have loved to have a chapter about finance. how do these people manage their money. by that i may not just financially, but which is great. we attacking about containers full of dollar bills. what do you do with that? you or someone in mexico and you receive a container and is full of piles of half of cash. what do you do with that? you try to moderate. you try to inject it into the financial system and make it more usable and you pay a fee for that. but if a site industry connected to the vertical integration of the dark industry that is very lucrative. huge cover important sophisticated. in recent years amid the industry has had two major distractions. one is osama bin laden and the second is wall street had osama bin laden distortion of financial markets came after 9/11 and it became clear that one of the main tools was to chase the money. going after the money became an important strategy for those people fighting if you understand the so

one is my the second is finance and the third is laundering, like as a money-laundering.e of course talks about that, but i would have loved to have a chapter about finance. you know, how do these people manage their money? and by that i mean not just financially but logistically. we are talking about containers full of dollar bills. what do you do with that? you are somewhere in mexico and receive a container and the content is full of, files -- piles and piles of cash but what do you do with that? you try to longer it. you try to inject it into the form of financial system and make it more usable, and you pay a fee for that. that is a side industry connected to the vertical integration of the drug industry that is very lucrative. it's huge, important and is very sophisticated. in recent years that industry has had two major disruptions. one is osama bin laden, and the second is from wall street. osama bin laden distortion of financial markets gained after 9/11, and it became clear that one of the main tools to do the war on terror was to chase the money. so go after the

how can we best address money laundering through the art trade, sir? >> it really comes back to organizing the information. so we've heard a lot of testimony which is important about on the ground means to prevent the looting of the objects specifically but once it leaves the ground and enters the trade it is lack of a a systemic system to monitor what happens to the object. between gaps of information, unreliability of information because of lack of means to verify, you know, export document, may be a forged document. so what happens is, there is a specific strategy in many circles of the industry to move up the ladder from less important trade sources to more important ones and each step of the way creates a veneer of credibility so that when the object gets to the good faith market, everything's out of control. and so a means that anchors information every step of the way, would shut down the problem. >> right. i'm sure you're keeping up with current events. was there an issue with stolen art involved in the recent "panama papers" issue? can you ple

and they allow the laundering of title to these artifacts. the united states is a single largest market for art in the world. with 43% of market share. because of the availability of the charitable tax deduction. the ability to import works of art and because of artistic preference, the united states is the largest market for antiquities, particularly those from the mediterranean and middle east. antiquities have no established value. and no documented history. they can be mined from the ground as new commodities, they are the perfect vehicle for moving funds and value around the world. and supporting illegal activities. purchase of drugs and weapons, organized crime and terrorism. because of the unknown nature of recently looted antiquities are for the most part useless for the antiquities trade. technologies that would tag objects would be similarly ineffective. both isil and the assad regime are participating in looting and realizing income from the sale of antiquities. studies of satellite images reveal historic patterns of looting precon

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it's also long been known to attract criminals laundering money and tax shelters. two months ago the country was removed from a global grey lift of the money laundering countries. only to now face the threat of being put back on such a list. >> translation: it's a shame this news story comes out at the moment we want to show the world that they are complying with banking enormous. they talk about us like we're some specialist in money laundering. >> reporter: despite banking reforms and more transparency, many leader around the world don't by the claims that panama has cleaned up its act and they're pushing for the governments to take more drastic steps >>> in the u.s. obama says tax avoidance is a global problem and one that his administration is working to stamp out. >> reporter: the american people are not talking a great deal about the panama papers in part because no americans have been named yet. still president obama made a surprise trip into the press briefing room hoping to use the news of the panama papers to highlight another change that his administrati

it's also long been known to attract criminals laundering money and rich investors two months ago thentry was removed from a global list of money laundering countries only to now face the threat of being put back on such a list. >> translator: it's a shame the news story comes out at the moment we want to show the world that they are comply with banking normal mvps. they talk about us like we are specialists in money laundering. >> many leaders around the world don't buy the manmanian government claims it cleaned up its act. they are pushing for more draftic steps. panama city. >> in the united states, president barack obama says tax avoidance is a global problem and one his administration is working to stamp out. patty colhane has this report. >> american people aren't talking a great deal about the panama papers in part because no americans have been named yet. president barack obama made a surprise trip into the press briefing room hoping to use the news of the panama papers to highlight another change that his administration has made that went pretty much unnoticed on monday. it h

authorities are taking tax evasion or money laundering lightly. still, the outcry on wall street, both by far and not as loud as we heard it in europe, that might be because so far, no big american bank has been named prominently. also no american apologies. therefore -- politicians. therefore, the outcry is not that loud yet. but that could change. we're still in the early phases. there are thousands, millions of documents to go through. >> let's switch topics briefly. the tesla motors 3 model is in production. they tell us more. this could be the beginning of a new era. >> ha! yes. tesla is certainly still on the run. orders for the new model got accepted since thursday. and by late saturday, tesla got orders for almost 300,000 vehicles, just to put that in perspective, the b.m.w. 3 series sold about 95,000 cars all over 2015. and tesla itself so far has delivered about 110,000 cars. so now all of a sudden, just the orders within the first couple of days, they almost reached 300,000. and the stock of tesla is on fire. the stock gained about 5% o

been fighting against corruption, illicit finance, money laundering, for the past four years. fortunately, we are not doing this alone. other countries are working with us and it is bearing fruit. >> high-profile figures have denied wrongdoing. the law firm alleged to have set up the account insists the business is legitimate. regulators around the world say they are digging into individual cases as well as panama on's hazy financial system. >> we turn to the u.s. .residential campaign the state of wisconsin will be the latest to vote. this is one to watch for the republicans. donald trump is trailing behind his main rival, ted cruz. loss in wisconsin would be a setback for his campaign. >> brash and confident, donald trump campaign for the 42 delegates up for grabs in wisconsin, saying a win would put him back on the path of becoming the inevitable republican nominee. we do not win here, it is not over, but wouldn't you like to take the credit for ending it? >> they have had a difficult stretch in the run-up to the primary. the canada grabbed headlines by changing his positio

the lender saying it is money laundering and financial crime control.or -- hat is next the company could be barred from receiving payments for medicare. ♪ let's head straight to the market desk where julie hyman has the latest on a declining market. julie: a declining market, we are not seeing moves in today's session. but we are saying the downside. the nasdaq is losing steam at the moment. if you look at the overnight session, using the futures, you can see we came up from the lows where we were overnight. see things could've been even worse. we hit the highs midmorning and started coming down again once the regular session was happening. the focus is on bank earnings once again today. we have wells fargo, bank of america, and my crock -- blackrock. blackrock and wells fargo seeing a decline. there was all this optimism yesterday surrounding to morgan after those numbers came out beating estimates after many analysts had cut estimates going into these reports. i want to point out, the movement we have seen recently in the s&p financials. the have rise

hearing these may have been used for tax avoidance or money laundering, german officials were quick to call for action. >> shell companies which still have an anonymous beneficial owner must no longer be allowed. set a money laundering law and create a transparency register were these offshore companies will be uncovered. reporter: the minister says other governments will have to follow suit to be effective at the local level. at the moment, there are no international bodies to enforce this. >> it calls for an international response to tax avoidance locally, which has so far been absent. ministries need to work together to narrow the scope. reporter: in a deal concluded in agreedver 80 countries to set up an automatic exchange information to spot tax evasion, but it only concerns bank accounts. eu officials have called for concerted action, something all 28 member states will have to agree on. the international monetary fund is calling for action to boost the global economy. the head of the imf says governments need to do more to avoid "a new mediocre." christine lagarde spoke in berli

aroundtor hoping to get international sanctions or crooks looking to launder dirty profits. to set up a shell company in intermediary is generally sought. they trusted individual company or bank. they will arrange with a registered agent like mossack fonseca to create and administer the shelf for a fee. peoplet will have a few named as its executives, the shell company's only purpose is to discreetly manage the money it holds. itsack fonseca claims complies with anti-money laundering laws and carries out due diligence on all its clients. according to the 11.5 million document leak which include vladimir putin's best friends, 12 world leaders, and around 22 individuals subject to sanctions for their support of regimes in north korea, syria, russia, and zimbabwe. it's an incredible story. what else has mossack fonseca said? a pretty longed statement in response to the release of these documents. it says that for 40 years mossack fonseca has operated beyond reproach in their home country and other jurisdictions and the firm has never been accused or charged in connection with c

offshore companies being set up on a massive sale, many used for money laundering and tax avoidance. barnaby phillips reports. are. >> reporter: headquarters of a company that traded on secrecy and confidentiality. under unbelievable scrutiny. monthsack fonseca denies any wrongdoing. the millions of leaked documents suggest some clients were money-laundering, many were not breaking the law. the document shows leaders or former leaders of ten countries use tax havens. argentina, georgia, iceland, ukraine, qatar, saudi arabia, uae and sudan. but other countries held their wealth, tamp avoidance i tamp aa global issue. >> vital thrarch they need to invest in schools and hospital he, in helping ordinary people. >> about half the countries mentioned in the panama papers were incorporated in british overseas territories. in london i asked one expert why britain isn't doing more to ensure its companies are transparent? >> now there's a real opportunity in a month's time there's an anticrungs summit thaanticription summitfirstanti. >> although for david cameron there is some embarrassment in

for example, in a previous hearing on trade-based money laundering this task force discussed the roots isis used to smuggle cash in and out of the territories it controls. many of these routes run through turkey and jordan. in their remarks were today's hearing, yaya fanusie indicated that isis is using similar route to smuggle antiquities out of its territory. in addition he notes lebanon as well as the balkan route to greece and bulgaria are being used to smuggle antiquities and other illicit commodities. there isn't have opportunity for terrorist groups to exploit is rich with low risk of being caught. we need to do a better job of policing these routes so that isis can no longer smuggle antiquities and other contraband out of the territories that it controls. furthermore, we must curtail the laundry of antiquities that make it out of the isis controlled territory so these good cannot be integrated to legitimate market. as others mentioned in the prepared remarks as well, isis ability to profit from the sale of antiquities is only possibly because of a systematic problem of trade-ba

the headlines and you are starting with a "wall street journal" article to crack down on money launderinghat's right. they likened it to the popular arcade game, whack a mole. where you have a mallet of plastic moles coming out of random holes. according to the wall street journal, that is exactly what trying to crack down on monday -- money laundering and tax evasion is like. efforts to crack down on more traditional havens have led to more exoticg to locations. it's kind of like a game of cat and mouse. here we have seen crackdowns on switzerland, luxembourg. "the wall street journal" says that it's no surprise that people turned to more exotic locations, like panama. france the far right party is in the spotlight after it came out that some very close advisers of the party's leader and former leader were also involved. florence: that's right. the le pen family has been splashed by the panama papers. his former butler and one of her close advisers, those are the people who have come up in the leak so far. he reacted by saying "i don't have anything to do with this panama thing." his dau

money. >> reporter: it has been a booming hub here and a reputation of money laundering for the world's rich. an image to be encouraged by the release of millions of documents from this firm that spernls in setting offshore countries. journalists have analysed more than 11 million leaked files from the database. the documents appear to show links to 143 politicians. among the leaders named are the president of argentina, iceland's prime minister and ukraine's president. an unprecedented leak of documents shows how putin's inner circle became very wealthy. his best friend is at the center of a scheme in which money from russia state banks is hidden offshore. other relatives and associates of those implicated in the leaks include the son this malaysia's prime minister. >> i think it raises questions for the political class as a whole because european countries, the u.s., have been talking about greater transparency. switzerland has cleaned up their act in terms of banks. there have been a series of scandals. it turns out that offshore companies are still very popular >> reporter: investig

you have money laundering that is serious. using the tax havens to avoid tax - that is something that is legal. >> it is in some countries, depend on what country you are in, and on your intention. >> what will happen now, what will be the fall out from the leaks? >> well, i think once people see how much of this is really involved and how many businesses that we know are involved. there'll be a reexamination of the roles in offshores. people create offshores to do a deal. when you realise how many businessmen - it was part of the way of doing business, where many companies were involved, going to a series offed different offshores, it will raise the issue of why we do these things, is it for legal or illegal purposes. there was a lot of big names and businesses, in the middle of a chain moving from five offshores, and it doesn't look particularly legal. countries will look at is this important. is it used for business or criminal activities. >> and aside from casting a spotlight on the use of offshore tax havens, a deal of in

so strengthening the anti-money laundering, we expect to see apart from the money trail investigationse hearing today. heidi: it's a long slog to reform. an extraordinary story from bloomberg tv philippines. up next, disappointing trade numbers, our next guest says watch for what the r.b.a. said about the aussie dollar. ♪ heidi: under a plan criticized by human rights group, those with arrived after march 30 will be sent to turkey. for every syrian return one of the 2.7 million in turkey will be settled in the e.u. they say it's a potentially daths rouse undoing to europe's commitment to protect refugees. california and new york have enacted laws that will gradually raise the state minimum wages to $15, the highest in the u.s. president obama commended their actions and urged congress to raise the federal minimum wage, something the republican majority has refused to do. the changes will affect millions of people in the two states but business lobby groups warn that higher paychecks could cost jobs. and kenyan wildlife officials have begun preparations to burn more than 100 tons of ivo

taxes, and stealing from their countries, and a former treasury officer says this kind of money laundering activity is commonly used by terrorist groups. >> every one of these devastating types of harms relies on financial support, infrastructure, and is often serviced by what you see in the panama papers. >> the law firm involved denies any wrongdoing. >>> and all five people aboard a sightseeing helicopter were killed when it crashed in tennessee. it crashed near the great smoky mountains national park. it appears it came down on the side of a mountain and was destroyed. the national transportation safety board is investigating. >>> well, a weather system bringing the potential for record-setting cold has settled over the northeast this morning. freeze warnings and watches are posted from illinois to new jersey, and it's not just the cold. there's snow. snowfall records were broken in rhode island and boston when nearly five inches fell, but other areas got almost ten inches. >> the snow's really awful. i should be out in shorts and a nice hot shirt. a nice cool shirt with a glass of ice

an investigation into the hidden we think shows how they have avoided tax and laundered money.m ramey has more from mexico city. >> panama city has long been a defendant booming financial hub. it also has a reputation of money laundering for the world's rich, only to be edge couraged by millions of documents from a law firm that specializes in setting up offshore companies. hundreds of journal accidents from more than 70 countries analyzed more than 11 million leaked files from the data bates. documents appear to show links to 143 politicians. among the current leaders named are the president of argentina, iceland's prime minister, and ukraine's president. unprecedented leak of documents showers how vladimir's circle became very wealthy. his best friend is at the center of a scheme in which money from russia state banks is hidden offshore. other relatives & associates of those implicated in the leaks include the son of malacia's prime minister. >> i think it raises the question for the political class as a whole balls european countries, the u.s. have been talking about electri

they talk about us as if we are specialists in money laundering. >> many leaders around the world don'that they have cleaned up their act. panama city. >>> the opposition in iceland is renewing calls for a snap general election after the resignation of the prime minister about the revelation of his and his wife's arrangements in panama. the first political casualty after the panama papers show the premier's wife owned an offshore bank with big claims on ice landic banks. >> reporter: it is as far as you can imagine from iceland to the virgin islands. anna runs an ice cream parlor p wentrist named after the shell company he and his wife established through panama. lo lots. >> it's very sour and bitter. >> leaves a sour taste in your mouth. >> yeah, bitter tasting like we all feel today. >> is that how you feel about all of this? >> yeah. i am sad and i am ashamed like i am ashamed to be an icelander. >> he walked out of the interview which confronted him in his part in ma tax dodge spent monday saying he wouldn't resign and tuesday saying he would if his coalition partners wouldn't stand

talk to me some more about money laundering and the art trade.to address that issue? >> i believe that this is something like a bridge. militarily, to take a bridge, you have to take it from both ends. there is the buying and, the demand, and then there is also the supply. i can really only speak to you on the supply side, because that is the side i work with. the best thing we can do right now is to try and document as much as possible what is coming out of the ground, and that is a huge task, and that is what we are focused on. our problem is how do we then manage to pass this information on -- what mechanisms are available to us in terms of being able to share this information? more importantly, how the information is then used to pursue or retrieve, at some point, or even interject to prevent further transactions. >> thank you, my time has expired. >> the gentleman from pennsylvania is recognized for five minutes. >> thank you, mr. chairman. i thinkank the payroll for a very informative discussion. i'm wondering if the doctor answered this qu

that's not generally illegal, journalists who have seen the documents say the leak reveals money laundering scream, sanctions-busting and other crimes. former treasury officer chip poncy. >> every one of these devastating times of harms release on financial support, infrastructure, and it's often serviced by what you see in the panama papers. >> reporter: the documents also show how close associates of vladimir putin allegedly ran a multibillion dollar money laundering ring through bank rossiya while it was subject to u.s. sanctions after russia annexed crimea. and syria's government circumvented international sanctions using shell companies in the seychelles. in an interview with a panamanian tv station, the law firm's cow founder, ramon fonseca, said they've never been found guilty of anything in their 30 years of business. "we are a knife factory," he says, "that sells knives. and if the knife is used for a murder, we're not responsible." so far no american politicians or companies have been named, but there are other investigations already under way around the globe, scott, >> pelley: a

whereas laundering, sanctions dodging is illegal. i will tell you one thing, i spoke to a journalist today from one o -- one of the original journalists who got this. he said we are only at the start of the revelations and i know you have been looking at the millions of documents. >>> up next, more from last night's nail-biter. villanova wins for the first time since 1985. we'll have the highlights. >>> plus, the snow has left the northeast, but wisconsin voters may have a bit of wet weather to contend with. bill karins has the forecast next on "way too early." gomery abigail higgins had... ...a tree that bore the most rare and magical fruit. which provided for their every financial need. and then, in one blinding blink of an eye, their tree had given its last. but with their raymond james financial advisor, they had prepared for even the unthinkable. and they danced. see what a raymond james advisor can do for you. it takes a lot of work... but i really love it.s. i'm on the move all day long... and sometimes, i just don't eat the w

money laundering. this is "bloomberg ." i'm vonnie quinn.> thank you, good morning. david: fixed income manager of the year in 2014. jonathan: he is never going to tell of that. opening,ead of the about 30 minutes away. let me to you were we are in the session. futures are positive 27 points on the dow, s&p 500 barely up 0.1%. in europe, the rally continues 0.6% on the frankfurt and germany. i will go through other asset nine, we have p had euro weakness. the singapore dollar on their for good reason. it is weaker, monetary authority coming out of easing policy. they target the rate against a basket of currencies, targeting zero depreciation. that is the first time since 2008. another reference, we will not go there at this point. other crossover, david gura. the new york primary less than a week away, and hillary clinton and bernie sanders will return to the debate stage once again tonight. it is a curse opportunity by both caps, clinton trying to cap a seven state losing streak and sanders trying to make up delegates. the secretary of stat

iran remains on the blacklist of the financial action task force on money laundering. so that's why i raise this issue. >> congressman, we have reached an agreement with iran that has caused iran to roll back its nuclear program which has done an enormous amount to increase the security of the united states. part of the agreement was for iran to have nuclear sanctions lifted. we made clear that we would lift the nuclear sanctions but keep in place sanctions on terrorism, sanctions on human rights. we'll continue to do that. >> they need to -- >> we've continued to make clear that we do not consider -- >> we're not going to give them access to the u.s. dollar or u.s. financial system? >> the question -- we're continuing to look at how we comply with the joint comprehensive plan of action to make sure that iran gets relief under the nuclear portions while we keep pressure on iran on these other issues. >> yeah, but remember the basic commitment that was given to us in congress. the iranian banks will not be able to clear u.s. dollars through new york. that's the commitme

cutting off the money supply, including profits from illicit oil sales, money laundering, extortion and other crimes by isis actor ss a critical part of our strategy to defeat this terrorist organization. he works to hold iran to its commitment under the nuclear deal, to lead a campaign against the full range of iran's other terrorizing and destructive and destabilizing activities, including its support for hezbollah and other terror proxies. he has broad support across the political spectrum. even groups opposed to the iran nuclear deal support him. he is described as imminently qualified. the recent panama paper scandal shows how some of the world's rich's and most powerful people may have used shell companies and off shore accounts to evade taxes and launder money and dodge sanctions. the leak of these documents underscores the role that mr. szubin and the office of terrorism and financial intelligence play in cbating money laundering and terrorist finance networks. yet another reminder of why szubin's confirmation is so urgent. mr. szubin's regarded around the world for his intellec

hero's welcome for the former or gun tin vinnie president ahead of a court appearance on money launderingrges. >>> i will be here with all the day's sport including real madrid and manchester city of the english premier league book their spots in the semifinals of the champions league. ♪ ♪ >>> there has been a surge in fighting in syria just a day before a new round of indirect talks gets underway in geneva. syrian government forces and their allies have launched an offensive to retake the strategic down south of the city of aleppo. it lies along the highway between aleppo and the capital damascus. pro-government forces say they have made advances but al-nusra front has managed to remain in control of the area. turkish government, meanwhile, says its forces have responded to a cross-border rocket attack. turkey fired shells against isil targets after a rocket struck a town. the latest in the series of attacks against turkey from isil-held territory. representatives from syria option opposition have now arrived in geneva ahead of the latest round of talks aimed at ending the conflict. this

the treasury is strengthening its anti-money laundering and counterterrorist financial rules at home working through the financial action task force to improve enforcement global hi and partnering with countries to combat terrorist financing specifically against isil. because we must keep up with innovation in the privacy sector and by our adversaries, regulators must update their regimes while insuring regulations do not impede legitimate provision of financial services especially to the underserved. finally, we're committed to bidding on the -- building on the progress that we've made and cooperating with partners on key priorities such as facilitating investment, promoting financial inclusion combating money laundering and terrorist financing. as the two largest economies, the united states and china also have a unique responsibility to work together to advance shared prosperity, maintain a constructive global economic order and make progress on critical challenges like climate change. this year we'll hold the seventh u.s./china strategic and economic dialogue which is a platform

it is money laundering as well as tax evasion. one of the reasons why weise also so few american names of these papers is because of the crackdown in the u.s., but there is no point in one country doing this. before he became president, president obama was talking very heavily about the kinds of shell companies and how stock basically struck people in charge of the companies. when he came to power, nothing happened. in reality, unless there is a global effort to stop this, it will never be stopped. you cannot have america be the only place in the world. post"in "the washington they had this headline -- panama papers, couldn't it be called something is? the law firm letters? tax free files? "it should be named the offshore papers as panama prime minister of finance." from a banking perspective undoubtedly, it should not be called the panama papers, yet, it is. deedee writes that twitter is a firm revealed in the papers, just one, so elaborate. guest: very good question. it is one of the top five for doing this, but we have found fr

money laundering or fraud. >> mossack fanseca, it said our business is regulated by several differentsight and enforcement agencies. our firm has never been accused or charged in connection with criminal wrongdoing. meanti meantime, the network plans to place all documents on line next month available in a searchable database. >>> new york senator chuck schumer wants a new federal investigation before a new gun is allowed to be sold. it looks just like a smartphone. josh elliott has the the story. >> should emphasize, a working version of the gun does not exist. that hasn't stopped charles schumer from asking to keep the weapon off the market. >> as big as most phones with a protective case. >> ceo of ideal conceal. he says his gun's design which alouds allows it to unfold from a smart phone shape to fully functional weapon. would allow an owner to carry it more freerly. >> some people would take issue in the work place or some where else, i mean, it gives people an funt opportunity to avoid the conversation. >> marketed for purposes. >> reporter: charles schumer called for the depart

as iran taking any actions to halt the use of its financial institutions for money laundering or for other illicit behavior? mr. shannon: my understanding is it is much more careful about which institutions it uses, but it still is engaged in money laundering activities that we attempt to block and stop. thank you. i think it was the money laundering and illicit financing that that these restrict in some place in the beginning, and that is still occurring. is that secretary kerry and/or others within the state department have spent a lot of time on this agreement are trying to figure out a way to accommodate iran. my sense is the treasury at this point still has held firm, and hopefully they will. but i do think not congruent right now in the administration level, i'm glad that pressure is being applied to ensure we don't try to accommodate them. that iran gets only what they negotiated. which to me, was too much. they were not out there trying to make this agreement work better for them after the fact, especially when they are violating the ballistic missile testing. it's an incredi

a specialist, the leak reveals money laundering schemes, sanctions busting and other crimes. former treasury officer, chip poncy. >> every one of these devastating types of harms relies on financial support infrastructure that is often serviced by what you see in the panama papers. >> reporter: the documents show how close associates of vladamir putin allegedly ran a multibillion dollar money laundering ring through bank rossiya subject to u.s. sanctions after russia annexed crimea. and syria's government circumvented sanctions using shell companies in the seychelles. in an interview with panamanian tv station, ramon fonseca said they have never been found guilty of anything in 40 years of business. we are a knife factory, he says, that sells knives. if the knife its used for a murder, we are not responsible. so far, no american politicians or come pans have been named. but there are other investigations already under way around the globe, scott. including australia, germany, the netherlands and france. >> awful this just beginning -- all of this just beginning. don dahler, t

exportion, cross border cash smuggling, trade-based money laundering or antiquities sales. thank you, mr. chairman, for holding this important hearing. such a pertinent issue and i yield back. >> now recognize the gentle lady of arizona for one minute. >> thank you, chairman and ranking member. terrorism is a threat to the country's security and global stability. terrorist networks constantly develop new ways to finance their deadly operations and threaten america. the iz lawmakeric state is one of the world's most violent and well financed terrorist group. in the last year, with greater pressure, i.s. ratcheted up the extraction and sale of antiquities. in 2015 i.s. generated millions of dollars. funds to raise from looting as well as through imposing taxes and requiring permits for criminal smugglers who operate in i.s. controlled territory. the impact of these actions goes beyond the financing of terrorism. the destruction or sale of these antiquities is also part of i.s.'s world view in which anything outside of its perverse and disgusting vision of islam must be destro

documents show how close associates of vladamir putin allegedly ran a multibillion dollar money laundering ring through bank rossiya subject to u.s. sanctions after russia annexed crimea. and syria's government circumvented sanctions using shell companies in the seychelles. in an interview with panamanian tv station, ramon fonseca said they have never been found guilty of anything in 40 years of business. we are a knife factory, he says, that sells knives. if the knife its used for a so far, no american politicians or come pans have been named. but there are other investigations already under way around the globe, scott. including australia, germany, the netherlands and france. all of this just beginning. don dahler, thank you. brussels is flying again. there were 39 flights from the airport today. there are usually about 600. before the terrorist bombing two weeks ago. isis bombers killed 32 at the airport. and a subway. today for the first time since the flood of refugees overwhelmed europe, the flow was reversed. more than 200 were sent home with more to follow. under a new deal between

the third is laundering like money laundering. and then to talk about that but never the to have the chapter. how do they manage their money? not just financially but logistically. they you receive a container with piles and piles of cash. you ejected to it to the financial system and you pay a fee for that. and it is very indicative. added recent years to have to live major disruptions. what is osama bin in london and other -- yet there is from all street with that distortion end it became clear was chasing the money. if you started to understand the sources of funding so they created a significant money laundering receive. to have all sorts of conditions or restrictions for those of a vigil institutions to deal with those money market transfers. . .