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Eurodad reaction to Bahamas Leaks

Wednesday 21st September 2016

Today, the International Consortium of Investigative Journalists (ICIJ) released 1.3 million files leaked from the Bahamas.

The revelations include details of the offshore business dealings of high profile figures such as UK Home Secretary Amber Rudd. They also name former EU Commissioner for competition policy Neelie Kroes, who is accused of failing to declare her directorship of an offshore company - which is in breach of EU rules.

The leaks also include the names of other current or former politicians from across the world, as well as entrepreneurs, financiers, and criminals.

Tove Maria Ryding, Tax Justice Coordinator for the European Network on Debt and Development (Eurodad) said:
"Earlier this year, the Panama Papers revealed the enormous web of secret company ownership that has helped the rich to hide their business dealings and often avoid taxes. And today we got another peek into the dark underworld of the global financial system. What countries need to do is to introduce public registers showing who owns companies and trusts in their countries."

In reaction to the Panama Papers, the European Commission relaunched the EU discussion about exactly this issue.

Ryding said:
"The EU is actually considering whether to put an end to secret companies and trusts, but they still haven't reached an agreement. Today, we got yet another reminder of why this is so important."

Eurodad urges the leaders of countries across the world to:

- Introduce public registries of beneficial owners of companies and similar legal structures.
- Commit to automatically exchange financial account information, ensuring that all countries - including the world's poorest – can receive the information needed to stop tax dodging.
- Take serious steps to address the banks and lawyers that are a key part of the international offshore industry.

ENDS 

For more information or to request an interview please contact Julia Ravenscroft, Communications Manager at the European Network on Debt and Development (Eurodad) on jravenscroft@eurodad.org or Tel: +32 2 893 0854.