The huge data leak at Mossack Fonseca might affect more than private clients - and Icelandic PMs, and British politicians - since the International Business times just ran a piece confirming the Panamanian bank had set up multiple offshore accounts for HSBC. While offshore accounts themselves aren't illegal, what they are used for might be, and it has come out that several clients of Mossack Fonseca are ones banned from trading with the US. If clients used their accounts to deal with them, the implications could be bad. Since HSBC have had problems with this before in 2012, with a substantial fine, is this more trouble they don't need? (Article is at: Panama Papers: HSBC and Coutts reportedly set up more than 2,000 offshore companies - 5th April 2016. I'm afraid I can't post links yet.)
