"SRA wants to see evidence gathered from Pandora papers leak", 6 Oct 2021

Several firms have been named this week as part of the ongoing coverage from leaked files of companies that specialise in creating offshore companies and trusts...

The SRA [Solicitors Regulation Authority] has specific requirements of firms to carry out proper checks on clients before taking them on, as part of regulations to prevent money laundering. Firms need to risk assess relevant clients, identify and verify their identities and identify their sources of funds and wealth. Where relevant to the size and nature of the business, firms must also undertake an independent audit, screen their staff and appoint a money laundering compliance officer.

There is no suggestion that any firm named in the Pandora papers is in breach of these rules, but the SRA wants to see details of what information has been released to check if it needs to be involved...

The Pandora papers is the largest ever leak of data showing details of offshore accounting, with 11.9m files leaked from an unidentified source to the International Consortium of Investigative Journalists. The papers reveal the tax haven links of 14 offshore service providers who provide services to individuals or companies seeking to hold assets in an offshore account.

Other legal practices named this week include Panamanian firm Aleman, Cordero, Galindo & Lee; a firm founded by Cyprus president Nicos Anastasiades, and international firm Baker McKenzie. All have denied any wrongdoing and there is no suggestion they have breached any rules.