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'There's nothing there I'm concerned with' - John Key stands by his lawyer over Panama Papers

The Prime Minister says he accepts the assurances of his lawyer that he'd not had dealings with Panamanian law firm Mossack Fonseca.

Despite telling the Prime Minister he'd never done business with Mossack Fonseca, Ken Whitney does have links to the firm through two companies registered in the British Virgin Islands.

Mr Key told reporters today "there's nothing there I'm concerned with". 

Asked whether he felt like he needed to give Mr Whitney a call to clarify, Mr Key told media: "Not looking at the stories this morning".

The PM says he has no need to contact his lawyer over the latest story on the Panama Papers. Source: 1 NEWS

The Prime Minister's comments follow the latest developments in an investigation into the Panama Papers.

Yesterday, a joint investigation between ONE News, RNZ and journalist Nicky Hager detailed how tens of thousands of Panama Papers documents reveal how New Zealand, Niue, The Cook Islands and Samoa have become prime destinations for the rich to hide their financial secrets.

A group of investigative journalists have today published the names of thousands of offshore companies based on a massive trove of data on the finances of the rich and powerful that has become known as the Panama Papers.

The data was obtained from Panamanian law firm Mossack Fonseca, which said it was hacked.

The papers reveal New Zealand law firms were doing significant business with Mossack Fonseca, all while lobbying the Government not to change foreign trust laws.

Mr Key today dismissed the reporting of the leak, saying the media are "They're reporting some very tenuous sort of association between a range of New Zealanders".

"Unless there's something unlawful that people have done I don't think New Zealanders would have concerns with that," he said.

Mr Key said the IRD should be left to look into whether any New Zealanders "have done something inappropriate".

John Key's lawyer

Between 2012 and 2014, Ken Whitney was a director of the New Zealand office of the Swiss-based Rothschild Trust.

That company owned Capewood Investments and Exchange Securities Ltd via its subsidiary Arrow Master-Holdings.

Mossack Fonseca's branch in the British Virgin Islands was the agent for both companies.

Mossack Fonseca maintains that the companies and trusts are routinely used for legal purposes.