Asian regulators ask banks to reveal Panama Papers' links - sources
Source: Reuters
Regulators in Hong Kong and Singapore have asked banks doing business there to disclose if they have dealings with entities and individuals named in the leaked 'Panama Papers', which contained details on thousands of shell firms, people familiar with the requests said.
The leaked documents from Panama law firm Mossack Fonseca, which contained information on 214,000 offshore companies, revealed that Hong Kong was the most active center in the world for the creation of shell firms, which have many legitimate purposes but can also be used to hide assets and avoid taxes.
According to two sources familiar with the situation, the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) sent letters to the banks in April. The two central banks did not set a firm deadline for a reply, the sources said.
One source, who had seen the letter sent to Hong Kong banks, said the request asked about their dealings with a list of between 16 and 18 names.
The sources did not disclose which banks were written to nor the names on the lists.
Read more: http://www.reuters.com/article/us-panama-tax-hongkong-exclusive-idUSKCN0YN3TE