CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. UK Provides Update On Panama Paper Inquiries

UK Provides Update On Panama Paper Inquiries

by Robert Lee, Tax-News.com, London

09 November 2016


More than 30 individuals and companies are under active investigation for criminal or serious civil offenses linked to tax fraud and financial wrongdoing uncovered by the Panama Papers, with hundreds more under detailed review, the UK Government has said.

In an update on the work of the Panama Papers Taskforce, published on November 8, it was reported that the Taskforce has:

  • opened civil and criminal investigations into 22 individuals for suspected tax evasion;
  • led the international acquisition of high-quality, significant, and credible data on offshore activity in Panama – ensuring the important work of the Taskforce was not delayed by the ICIJ's refusal to release all of the information that it holds to any tax authority or law enforcement agency;
  • identified a number of leads relevant to a major insider-trading operation led by the Financial Conduct Authority and supported by the National Crime Agency;
  • identified nine potential professional enablers of economic crime – all of whom have links with known criminals;
  • placed 43 high net worth individuals under special review while their links to Panama are further investigated;
  • identified two new UK properties and a number of companies relevant to a National Crime Agency financial sanctions inquiry;
  • established links to eight active Serious Fraud Office investigations;
  • identified 26 offshore companies whose beneficial ownership of UK property was previously concealed, and whose financial activity has been identified to the National Crime Agency as potentially suspicious;
  • contacted 64 firms to determine their links with Mossack Fonseca, the firm whose data was leaked, to establish potential further avenues for investigation by the Taskforce; and
  • seen individuals coming forward to settle their affairs in advance of Taskforce partners taking action.

HMRC's Director General for Customer Compliance, Jennie Granger, said: "The Taskforce is leading the world on the acquisition and analysis of data that has enabled us to uncover and take swift action on evidence of wrongdoing – regardless of how deeply hidden the arrangements are. It will also enable us to identify those jurisdictions where regulatory oversight requires improvement."

TAGS: individuals | tax | law | United Kingdom | enforcement | tax authority | offshore | Panama | Compliance

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

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

Visit Cyprus Review »

Malta Review

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

Visit Malta Review »

Jersey Review

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

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

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 »