The Panama Papers disclosure was a huge scandal, so there were many reactions. This article illustrates Barack Obama's reaction to this:

Barack Obama is launching a crackdown on international tax evasion in response to recent disclosures in the Panama Papers revealing the scale of offshore financial activity.

In a series of initiatives announced by the White House on Thursday night, the president will take executive action to close loopholes used by foreigners in the US and call on Congress to pass legislation.

Though the later steps may hit political obstacles in an election year, the package of measures are among the most comprehensive responses yet to the Panama Papers revelations, disclosed by a consortium of international journalists including the Guardian.


  • immediate executive action to combat money laundering, terrorist financing, and tax evasion with tighter transparency rules
  • new Treasury rules closing a loophole allowing foreigners to hide financial activity behind anonymous entities in the US.
  • stricter “customer due diligence” rules for banks handling money on behalf of clients

More than a year has passed since that moment.

Question: Did US make any significant fiscal changes following Panama Papers disclosures?

1 Answer 1


I know it's over a year old, but I came here to also ask this question. As far as I can find in my research, the US actually went in the opposite of the desired direction, and helped make itself more appealing as a tax haven.

From the linked article quoting James Henry, a senior advisor to the Tax Justice Network:

The U.S. has an onshore haven industry that is as secretive as anywhere, Henry said. "[Americans] discovered that they really don’t need to go to Panama."

I can't find any indication that any of the steps recommended by Barack Obama have taken place, in the US or in many other countries.

Update: as of today (12/6/2018), charges have been brought up over the Panama Papers in the US. Apparently these sorts of things take some time to establish a case.

  • 1
    That is a very interesting article that also mentions Foreign Account Tax Compliance Act (FATCA) implemented in 2010 which seems to fight against tax cheats.
    – Alexei
    Commented Sep 19, 2018 at 19:09
  • @Alexei added update to reflect current state of this situation.
    – Erin B
    Commented Dec 6, 2018 at 19:33

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .