April 11th, 2016

Posted in Legal

The FCA, HMRC & SRA have all pledged to crack down on money laundering after leaked data from law firm Mossack Fonseca exposed the scale of individuals and companies using offshore structures to conceal their wealth and avoid tax.

David Cameron has also announced today the creation of a UK Super Task Force to investigate allegations of tax-dodging and money laundering linked to the Panama Papers data leak.

The FCA has also confirmed it has written to a ''number of firms'' about disclosures in the Panama papers, including those on the regulator's Systematic Anti-Money Laundering Programme.

John Griffith-Jones, chairman of the FCA said, ''We remain determined to ensure that markets work effectively and fairly and, where necessary, we will use our enforcement powers to reinforce our policy objectives and to provide effective deterrence from irresponsible behaviour.''

The UK was home to the second highest number of banks, law firms and other middlemen associated with the leaked papers, (only Hong Kong was worse).

Three British and Channel Island banks, HSBC, Coutts and Rothschild, were included in a list of 10 banks which supposedly submitted the most requests to Mossack Fonseca to set up offshore companies for their clients.

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