The UK taskforce will be jointly led by HMRC and the National Crime Agency and draws on investigators, compliance specialists and analysts from HMRC, the National Crime Agency, the Serious Fraud Office and the Financial Conduct Authority.

Cameron said the UK government has committed to provide resources to ensure that the files are fully investigated, once shared with HMRC, including initial new funding of up to £10m to support the taskforce’s work.

The taskforce will report its progress to the Chancellor and Home Secretary later this year.

Cameron said: ‘The UK has been at the forefront of international action to tackle the global scourge of aggressive tax avoidance and evasion, and international corruption more broadly

‘There is clearly further to go and this taskforce will bring together the best of British expertise to deal with any wrongdoing relating to the Panama Papers.’

In a statement, HMRC said it is already investigating 700 current leads it has with a link to Panama.

There has been widespread media comment about Edward Troup, who took up his new role as executive chair and first permanent secretary at HMRC and who will be overseeing the £10m taskforce.

Troup is a former partner at law firm Simmons & Simmons. The firm was revealed in the Panama Papers to have acted for Blairmore Holdings, an investment company run by Cameron’s father Ian which used offshore companies.

HMRC has said that Troup had not personally dealt with the firm, and there is no suggestion of wrongdoing by Troup, Simmons & Simmons or any of its clients, and nothing in the files that indicates Troup personally advised any offshore company registered with Mossack Fonseca.