Bermuda yesterday figured in a list of more than 200,000 shell companies set up by a Panamanian law firm.

Nearly 150 Bermuda entities are named in the massive leak of documents from Panama lawyers Mossack Fonseca, dubbed the Panama Papers.

And the latest release of papers lists 402 officers of companies, 29 intermediaries and 218 addresses.

The huge data leak — said to be the biggest in history — contains 11.5 million records dating back as far as the 1970s and leaked by an anonymous whistle-blower last year, features on the International Consortium of Investigative Journalists’ website.

Mossack Fonseca specialised in setting up shell companies for clients ranging from top company executives and wealthy executives to associates of Russian head of state Vladimir Putin and the family of UK Prime Minister David Cameron.

Previous leaks from the Panama Papers have also led to stories alleging the use of offshore companies by money launderers, art smugglers, international criminals and repressive regimes like Syria.

The ICIJ, however, stressed that setting up an offshore company was not illegal — although some have been used by criminals and the wealthy to hide their fortunes from the tax authorities in their homelands.

Among the Bermuda names mentioned in the latest release from papers are law firms Appleby, Codan Trust, part of law firm Conyers Dill and Pearman, LOM Nominees Ltd, bankers HSBC and its predecessor the Bank of Bermuda.

Last night a spokesman for the Ministry of Finance poured cold water on Bermuda’s inclusion in the leaked papers.

He said: “Bermuda is one of the world’s leading financial centres.

“Considering some of the spurious connections being made in this avalanche of information, it would be surprising if there was no connection whatsoever to Bermuda firms or individuals.

“However, the number of connections is small compared to our peer group.”

He added: “But it should be appreciated that the International Consortium of Investigative Journalists (take great pains to establish a broad disclaimer that accepts the legitimate uses for offshore companies and trusts. “They state unequivocally that they do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly.

And he said: “The fact remains that insurance and reinsurance is our principal business and that Bermuda remains a minor player in the type of business activity highlighted in the Panama papers.

“This is evidenced by countries that have the most holding companies, the most intermediaries or those allowing bearer shares.

“Our screening system and beneficial ownership register is the reason that Bermuda does not feature so prominently in the Panama papers.”

Mossack Fonseca has denied any wrongdoing and said that, on the few occasions it learnt that clients were using offshore companies for illegal purposes, it ended its relationship with them.

The firm last week issued a “cease and desist” order against the ICIJ and threatened legal action if any more information was released.

More than 370 ICIJ reporters in nearly 80 countries probed the files for a year.

Their investigations uncovered the secret offshore holdings of 12 world leaders, more than 128 other politicians and scores of fraudsters, drug traffickers and other criminals whose companies had been blacklisted in the US and elsewhere.

The ICIJ said on their website that it had removed information that might invade the privacy of shell company owners like bank accounts, financial transactions, e-mails and other correspondence, as well as passport details and phone numbers.

The statement added: “The selected and limited information is being published in the public interest.”