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THE financial regulator gave British banks a week yesterday to establish whether they have links to a law firm at the centre of the Panama Papers leak, writes Paddy McGuffin.
The Financial Conduct Authority (FCA) has told 20 banks and businesses that they have until April 15 to investigate whether they have ties to Mossack Fonseca or subsidiaries of the company.
A leak of more than 11 million documents from the law firm in Panama has apparently confirmed allegations of money laundering and tax dodging by high-profile figures across the globe. The FCA has called on banks to reveal what action they are taking after the Panama Papers leak revealed more than 500 banks, including their subsidiaries and branches, registered nearly 15,600 shell companies with Mossack Fonseca.
Action Aid tax adviser Charlie Matthews said it was a “promising first step but the UK government must go further to curb multinational companies’ use of UK-linked tax havens like the British Virgin Islands, which are being systematically used to hide wealth.”
