Finance firms could be sued over Panama links

Firms are being urged to review their records for the last four decades and check whether they have any ties to the Panamanian law firm as more data is expected to be made public following last month’s data leak of 11.5 million confidential documents.

Island businesses are being advised to seek legal advice if any links with Mossack Fonseca are identified because they could be sued by creditors if further disclosures identify them as holders of relevant information or they could be targeted for compensation claims.

The International Consortium of Investigative Journalists, which is leading the investigation into the ‘Panama Papers’, has announced it will release a database containing the names of 215,000 companies, trusts, foundations and funds with connections to 21 jurisdictions on Monday and the Washington-based ICIJ said that it was ‘likely to be the largest ever’ revelation of its kind.

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