Even though information contained in the Panama Papers database is “incomplete and in places incorrect”, it still poses a security risk for those named, according to Mark Davies, managing director of Mark Davies & Associates.
The headquarters of Mossack Fonseca, the law firm at the centre of the biggest financial data leak in history, were raided by police in Panama on Tuesday, the attorney general’s office has revealed.
HM Revenue & Customs and the UK’s National Crime Agency will work with investigators, compliance specialists, the Serious Fraud Office and the Financial Conduct Authority (FCA) to deal with the fallout of the Panama Papers.
Switzerland’s financial institutions must clamp down on money laundering, the country’s financial watchdog FINMA has warned.
The Financial Conduct Authority (FCA) has given banks and financial institutions until next week to declare any links to Mossack Fonseca, the law firm at the centre of the ‘Panama Papers’ controversy.
The offshore financial advisory, wealth management and life office sectors should remain unharmed by the “uninformed hysteria” surrounding the Panama Papers, industry reaction has suggested.
Around 11.5 million leaked documents from a Panama-based law firm have exposed the offshore holdings of politicians, sports stars and public officials around the world.
