Tags: Panama Papers

Mossack Fonseca, the law firm which become the center of Panama Papers controversy wrote a letter of apology to its Chinese banking client. The firm aimed to sustain its business in Asia after a leak of its financial data.

On Thursday, UK Home Secretary Theresa May proposed a new law to prevent money laundering. MPs and public officials which were suspected of corruption will have to declare their wealth.

New York state’s financial regulator has told 13 foreign banks doing business there to hand over details about their dealings with a law firm in Panama that helped set up thousands of shell companies.