Further information about the links between Panamanian law firm Mossack Fonseca and New Zealand law firms has been released.

The Government's crack IRD team have got their hands on the Panama Papers and revealed less than 200 Mossack Fonseca trusts had a link to New Zealand.

Prime Minister John Key could barely hide his pleasure when he revealed the results to media today.

It comes after a joint investigation between TVNZ, RNZ and journalist Nicky Hager analysing the Panama Papers documents, with assistance from the International Consortium of Investigative Journalists (ICIJ) and German newspaper Sueddeustche Zeitung.

"Well, I'll tell you what is a little bit interesting, IRD have had an opportunity to look at the papers, and look at the documentation.

"Of the 500,000 entities or organisations, or mentions Mossack Fonseca have had a link to, 200 trusts - no more than 200, in fact they think less - are trusts that have any link to New Zealand," he said.

"Of the 200, in fact there's less than them, they've cross-referenced all of them - not a single one is undisclosed in New Zealand.

"When it comes to tenuous links with people, by the way, Greenpeace International turns out to be one of the beneficiaries of one of the trusts listed," said Key.

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He said that before anyone engaged in "incrimination by insinuation", people should look at the database, and make sure they understood it.

"No one's argued there might be people in the world that are trying to do things, but New Zealand is mentioned in the database 1100 times over 14 years, most of it's duplication... if you have a look at it, it's 0.2 per cent."

Earlier, Key shrugged off claims of further links between his former lawyer and controversial Panamanian law firm Mossack Fonseca.

TVNZ, RNZ and journalist Nicky Hager have conducted a joint investigation analysing the Panama Papers documents, with assistance from the International Consortium of Investigative Journalists (ICIJ) and German newspaper Sueddeustche Zeitung.

RNZ reported that John Key's long-time lawyer Ken Whitney had links to two companies registered in the British Virgin Islands with Mossack Fonseca as their agent.

Whitney was among a group of five law firms that lobbied then-Revenue Minister Todd McClay in 2014 against any foreign trust changes.

Whitney was a director of the Rothschild Trust (NZ) Limited, which was the owner and the director of two companies registered in the British Virgin Islands (BVI), Capewood Investments and Exchange Securities, that had Mossack Fonseca as their agent, RNZ reported.

But the investigation found that Antipodes Trust Group - Whitney's current firm - had done no business with Mossack Fonseca, though all four of the other trusts who met McClay had engaged in business with the Panama firm.

Key said on Tuesday there was nothing in the latest information he was concerned about and it did not contradict Whitney's assurances to him that he had no involvement with Mossack Fonseca.

"That's 100 per cent correct. He hasn't dealt with them," Key said.

Whitney refused to comment when spoken to by Fairfax on Tuesday.

Auckland-based law firm Cone Marshall was mentioned 357 times in the documents, with its director Karen Marshall listed as a past or present director, secretary or treasurer of 214 Panamanian-registered companies, and another 1023 in New Zealand.

Anchor Trustees, John W. Hart and Asiaciti were also mentioned in the Panama Papers and had done business with Mossack Fonseca, RNZ reported.

The ICIJ has released a searchable database showing New Zealand's links to the Panama Papers documents.

Key said he had not searched the database but so far it seemed some of the links being reported by media were "very tenuous".

'Unless there's something unlawful people have done I don't think New Zealanders will have concerns. But in the end Inland Revenue are now going to have access to all the information, they can go through and look at all that. They can check that people have done things appropriately and legally."

Any New Zealander found not to be declaring the right amount of tax, whether they had money in a trust in the British Virgin Islands or elsewhere, was committing a serious offence, Key said.

"They can go to jail. It's very serious, tax evasion is extremely serious and under New Zealand law you are responsible for your worldwide income. It doesn't matter that the trust is registered in the British Virgin Islands or anywhere else."

MAARTEN HOLL/Fairfax NZ IRD to review Panama papers and foreign trusts.

New Zealand links to the Panama Papers are expected to dominate Parliamentary question time this week.

Labour leader Andrew Little today said the foreign trust industry was burgeoning in New Zealand and contributed nothing other than "ongoing international embarrassment".

"It is a grubby little industry."

Asked if he'd shut the whole industry down, Little said he saw no purpose in foreign trusts that allowed the world's "mega-wealthy" to dodge tax laws.

"The trusts that meet those characteristics that I've just described, a trust with a foreign set law that operates here, has assets here, and generates income here and pays taxes here - that's not the target of my concern," he said.

"Foreign trusts that met the characteristics that Inland Revenue was concerned about in 2014, high degree of secrecy, not paying any tax on the income earned, there is no good business for us to be harbouring them."

Little said the lack of transparency and the tax-free status had to be shut down.