Switzerland’s financial regulator will investigate “suspicious” bank connections that have surfaced in leaked Panama documents and is stepping up probes into a troubled Malaysian development fund and Petroleo Brasileiro SA.
“The leaked database from Panama is just the latest proof of how money flows like water through multiple jurisdictions, sometimes for legitimate purposes, sometimes not,” Finma director Mark Branson said at a news conference in Bern on Thursday.
A series of reports this week based on millions of documents leaked from the Panama law firm Mossack Fonseca revealed how its lawyers, including a Geneva team, worked with Credit Suisse Group AG, UBS Group AG and other big banks to create numerous offshore shell companies for world leaders, athletes and other rich clients.
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