In a letter to U.S. Treasury Secretary Jack Lew, Sen. Sherrod Brown (D-Ohio) and Sen. Elizabeth Warren (D-Mass.) called upon the Treasury to investigate whether any U.S. or U.S.-linked entities were involved in the illicit activities found in the Panama Papers.
According to leaked internal records, Mossack Fonseca & Co. helped clients create shell companies to hide assets, launder money or evade taxes.
In the April 7 letter, the senators wrote, "The reported involvement of U.S. or U.S.-linked institutions and individuals in what may have been efforts to enable international money laundering and tax evasion raises important questions about the susceptibility of the U.S. financial system to money laundering, terrorist financing and other illicit enterprises."
They urged the Treasury to conduct its own inquiry into the law firm's activities and clients, and provide a briefing to its staff by May 9.
Warren and Brown also highlighted the critical role the Treasury Department's Office of Terrorism and Financial Intelligence has in safeguarding the financial system against illicit use.
Additionally, the letter underscored the urgent need for the Senate to confirm the president's nominee to head the TFI, Acting Under Secretary Adam Szubin. On Thursday during an executive session, at which votes on other nominees before the Senate took place, Brown asked the Senate to confirm Szubin.
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