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UK Banks Told To Report On Panama Papers Links

by Robert Lee, Tax-News.com, London

11 April 2016


The UK's Financial Conduct Authority (FCA) has written to 20 financial firms asking them to check whether they have links to Mossack Fonseca, the Panamanian law firm from which 11.5 million documents were leaked this week.

In a statement, it said: "The FCA has written to a number of firms about this issue, including those on our Systematic Anti-Money-Laundering Programme, and we are working closely with a number of other agencies who are also looking at this."

"As part of our responsibility to ensure the integrity of the UK financial markets we require all authorized firms to have systems and controls in place to mitigate the risk that they might be used to commit financial crime."

The FCA's action came days after HM Revenue and Customs announced that it had asked the International Consortium of Investigative Journalists (ICIJ) to share the leaked data it had obtained. HMRC intends to cross-reference the information contained in the so-called "Panama papers" with its own database of intelligence, "Connect."

The data leak includes emails, financial spreadsheets, passports, and corporate records relating to the ownership of bank accounts and companies in 21 offshore jurisdictions over a nearly 40-year period.

TAGS: compliance | tax | tax compliance | tax avoidance | law | United Kingdom | offshore | agreements | Panama | Tax | Tax Evasion

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