The Panama Papers leak of 11.5 million documents related to offshore banking and the use of shell companies in “tax havens” has ushered in a period of renewed focus on monitoring, tracking and justifying transactions with offshore companies, particularly those in low or no tax jurisdictions that lack transparency. In a guest article, Nicholas M. Berg and Kim B. Nemirow, partners at Ropes & Gray, and Jaime Orloff Feeney, an associate there, analyze the developments in the Panama Papers case, the potential liability theories stemming from the case, how the case has changed the FCPA enforcement environment, and how companies can ensure their controls are sufficiently tailored to the various risks presented by anonymous shell corporations. See “Structuring FCPA Books and Records Controls to Withstand SEC Scrutiny Without Impairing Sales” (Mar. 20, 2013).