MOSACK FONSECA the Panama law firm at the center of the Panama papers storm has been hit with a $440,000 fine by the The British Virgin Islands (BVI) Financial Services Commission.

The administrative penalty was imposed on November 11.

It  stems from the irregularities evidenced after the publication of the documents by the International Consortium of Investigative Journalists (ICIJ) that uncovered the network of companies created for alleged tax evasion and money laundering .