The Financial Times have reported that any banks that have any affiliation with Mossack Fonseca must give information about any dealings they have had with them to the UK’s Financial Conduct Authority by a week on Friday.
In a week where senior figures including David Cameron and Vladimir Putin have been under scrutiny, the aforementioned information has been asked for in a letter which includes enquiring about what action will be taken as a result of the release of the 11.5m files from the Panama law firm.
According to the Financial Times, the letter included the following: “Beyond 15 April we will require updates on any significant issues or relationships identified and a full response, detailing your findings, when your investigation is concluded.”
Mossack Fonseca continues to maintain that the firm has always acted ‘beyond reproach’ and that in the 40 years that they have been active has ‘never been accused or charged in connection with criminal wrongdoing’.
“The FCA are not the only regulatory body that will be making enquiries into the Mossack Fonseca leaks. Each government agency (e.g. HMRC, SFO, NCA) will face a number of significant challenges including managing the sheer volume of information and identifying specific areas of concern to focus on. The potential for civil and criminal investigations is far reaching and extends far beyond tax evasion and money laundering reported in the press. It is likely to be some time before we really understand the fall out from these enquiries, and the outcome may depend on the resources that are made available to investigate the claims being made.”
Original article: www.bbc.co.uk/news/business-35989915