Banks and financial firms have been given a final ultimatum by the UK’s financial services watchdog to disclose links to Mossack Fonseca, the law firm embroiled in the Panama Papers scandal.
According to the Financial Times, the Financial Conduct Authority (FCA) has given firms up until 15 April to make full disclosures about any affiliations with the law firm.
The letter read: “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.”
Panama Papers, the biggest leak in history, has shown that global leaders, celebrities and the world’s biggest companies have been concealing their offshore tax dealings.
The 11 million leaked files showed that over 500 banks had been involved in registering nearly 15,600 shell companies with the Panamanian law firm.