Banks to aid probe of Panama law firm

THIRTEEN  foreign banks in the U,S.   have  10 days to deliver detailed information about their relationship to Panama law  firm Mossack Fonseca.

The U.S. financial media Bloomberg published  the news of the move by The U.S. Department of Financial Services (DFS) in New York on Friday April  22,

The DFS sent the request to 13 banks, among which are Deutsche Bank AG, Credit Suisse Group AG, Commerzbank AG, ABN Amro Group NV and Societe Generale S.A., and others.

In the letter, it asked banks to clarify any possible violations of regulations. It also requested records from their headquarters in New York about any companies connected to Mossack Fonseca, as well as reveal if any of its employees had anything to do with the formation of companies by the Panama firm.

None of the banks have given  statements about the request, according to Bloomberg.

These banks have 10 days to send the documents about their relationship, including communications, phone records and records of any other transaction between their branches in New York and any employees or attorneys of Mossack Fonseca.

“The agency is currently reviewing the scope and the status of investigations into the firm,” said María Vullo, superintendent of the DFS, in a letter published in the New York Post.

Mossack Fonseca was the subject of a global investigation coordinated by the International Consortium of Investigative Journalists (ICIJ) after its internal documents were leaked to a German newspaper.