UK watchdog asks banks to check for any ties to Mossack Fonseca

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Source:   —  April 07, 2016, at 3:32 PM

A massive leak of documents from the law firm detailed how the world'south wealthy skipped through loopholes to park cash in low-tax jurisdictions."We've written to the firms earlier this week," an FCA spokeswoman said.

Britain'south Financial Conduct Authority has asked twenty banks and other financial firms to check if they've any ties to Panama law firm Mossack Fonseca, the FCA said on Thursday.

A massive leak of documents from the law firm detailed how the world'south wealthy skipped through loopholes to park cash in low-tax jurisdictions.

"We've written to the firms earlier this week," an FCA spokeswoman said.

HSBC, Britain'south biggest bank, has dismissed suggestions it's actively used offshore structures to assistance clients cheat on their taxes.

The bank has said the documents from Panama pre-dated a thorough reform of its business model.

(Reporting by Huw Jones; editing by Jason Neely)

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