It is too early to draw conclusions on Panama Papers according to UK regulators – April 2016
Britain’s Financial Conduct Authority has widened its review of banking links to businesses and individuals whose names appeared in the leaked Panama Papers, saying it was too early to draw any conclusions, the regulator said on Tuesday. The FCA wrote to 20 banks and other financial institutions asking if they have had dealings with Mossack Fonseca, the Panama law firm at the heart of a massive leak of offshore financial data. The banks were given an April 15 deadline to respond to a number of questions about relations with Mossack Fonseca and what were they doing internally regarding their exposure, FCA acting Chief Executive Tracey McDermott told parliament’s Treasury Select Committee. A second tranche of firms has been contacted and given a slightly later deadline to respond, she added. An FCA spokesman said this second wave comprises 40 financial firms. “It is far too early to give any view as to preliminary findings,” FCA acting Chief Executive Tracey McDermott told lawmakers.
Full article; April 27th 2016, Huw Jones, Reuters