Malcolm Turnbull was once a director of an offshore company set up by Mossack Fonseca, data from the now public Panama Papers reportedly shows.

The Australian Financial Review reports that in the 1990s the prime minister and former NSW Premier Neville Wran were on the board of Star Mining NL and its subsidiary in the British Virgin Islands, Star Technology Service, which had been incorporated by Mossack Fonseca two years earlier.

A spokesman for Mr Turnbull told the paper that the prime minister didn't know the company was administered by Mossack Fonseca.

The paper reports there is no suggestion he acted improperly while a director.