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On the 5th April the FCA released their 2016/17 business plan which outlines seven priority themes. The seven themes outlined will focus on pensions, financial crime and anti-money laundering, wholesale financial markets, advice, innovation and technology, firms’ culture and governance, and the treatment of existing customers. The one that stands out in light of the leak of 11.5 million documents from the Panamanian law firm Mossack Fonseca is "financial crime and anti-money laundering".

The FCA’s Business Plan details the roll out of a Financial Crime Annual Data Return, enabling them to focus their supervision on the right firms. Where the FCA find firms with material weaknesses in their money laundering controls, they will use their enforcement powers to send a deterrent message to industry and/or impose business restrictions to limit the level of risk along with referring such cases to other law enforcement agencies where issues are identified.

According to a letter seen by the Financial Times, the Financial Conduct Authority has given banks until April 15 to complete an initial investigations on ties to Mossack Fonseca or to companies formed or managed by the firm. The FCA has asked regulated financial companies to detail what action they are taking in the wake of the document release that exposed a web of secret offshore businesses allegedly used to hide wealth. It goes on to remind UK-incorporated groups that any overseas branches and subsidiaries beyond Europe......................

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