SVA have put together a briefing paper on the Panama leaks and the consequent significant risk to law firms, accounting firms and the wider offshore trust industry.
In the current climate, any significant leak of client data, or even a hint of such, will have a disproportionate and perhaps “enterprise threatening” impact. Further disclosures arising from the leaked Panama papers are almost inevitable, and the risks from individuals and organisations with political agendas are now extremely high.
Records suggest that over 30% of Mossack Fonseca clients were in the Hong Kong / Greater China area, a concentration that makes Hong Kong professional firms an attractive target.
Firms should take action immediately by assessing their vulnerability. SVA are available to carry out a Vulnerability Assessment Programme (“VAP”).