UK Launches Taskforce To Analyze 'Panama Papers'
by Robert Lee, Tax-News.com, London
12 April 2016
UK Prime Minister David Cameron has announced the launch of a new task force "to deal with any wrongdoing relating to the Panama papers."
The task force will be jointly led by HM Revenue and Customs (HMRC) and the National Crime Agency. It will draw on investigators, compliance specialists, and analysts from HMRC, the National Crime Agency, the Serious Fraud Office, and the Financial Conduct Authority. The Government will provide initial funding of up to GBP10m (USD14.2m) to support the task force's work.
Last week, HMRC confirmed that it had asked the International Consortium of Investigative Journalists (ICIJ) to share the leaked data it had obtained from Panamanian law firm Mossack Fonseca. The so-called "Panama papers" contain emails, financial spreadsheets, passports, and corporate records relating to the ownership of bank accounts and companies in 21 offshore jurisdictions over a nearly 40-year period.
The task force will report its progress to the Chancellor and Home Secretary later this year. HMRC is already investigating 700 leads with a link to Panama.
To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »