Panama Papers: UK regulator reportedly gives banks deadline on reviews

The UK’s Financial Conduct Authority said banks and other financial firms have until next week to carry out urgent reviews of whether they are linked to the law firm at the centre of the Panama Papers data leak, the Financial Times reported.

According to a letter seen by the newspaper, banks have until April 15 to complete initial investigations on ties to Mossack Fonseca or to companies formed or managed by the firm.

The FCA demanded regulated financial companies detail what action they are taking after 11 million documents were leaked from the firm revealing secret offshore business and accounts that have prompted accusations of money laundering and tax evasion.

“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,” the FT quoted the letter as stating.

It goes on to remind UK-incorporated groups that any overseas branches and subsidiaries beyond Europe must comply with UK standards of monitoring of client accounts and research into customers.

HSBC, Coutts, Rothschild, UBS and Credit Suisse are among groups that used Mossack Fonseca to set up thousands of offshore concerns for their clients over 40 years, according to the leaks.