Switzerland is stepping up scrutiny of its banks in response to the Panama Papers which have prompted a global outcry over allegations of tax avoidance.

“We want to know which banks have used the services of the Panamanian firm and whether Swiss laws were broken,” said Thomas Bauer, president of Swiss financial watchdog FINMA.

“We’ve already contacted (Swiss financial) institutes,” Bauer told Swiss newspaper NZZ am Sonntag, without specifying names.

Switzerland is the world’s largest center for offshore wealth, with Boston Consulting Group estimating that around $2.5 trillion in foreign assets was kept with the country’s banks in 2014.

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