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The European Parliament Conference of Presidents has agreed a mandate for an inquiry committee to look into the so-called "Panama Papers."
The proposal by the Conference of Presidents - which unites the European Parliament President and political group leaders – will be voted on by Parliament as a whole on June 8.
The Committee will consist of 65 members. It will investigate alleged contraventions and maladministration in the application of European Union law with respect to money laundering, tax avoidance, and tax evasion by the European Commission or member states. The committee will have 12 months to draw up a report.
The Panama Papers contain more than 11.5m documents belonging to Mossack Fonseca. The data relates to the ownership of bank accounts and companies in 21 offshore jurisdictions, and covers a nearly 40-year period, through to the end of 2015.
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