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Eurodad reaction to the Panama Papers investigation

Sunday April 3 2016

A huge cache of leaked documents, known as the
Panama Papers, have revealed how scores of well-known, wealthy figures have used secretive offshore jurisdictions to hide billions of euros.

Eleven million documents were leaked from the Panama-based law firm Mossack Fonseca, in the latest international scandal to lift the lid on the murky world of financial secrecy and tax dodging.

Tove Maria Ryding, Tax Justice Coordinator at the European Network on Debt and Development (Eurodad) said: ”The Panama Papers have given us another peek into the world of dirty money, fake company structures and hidden bank accounts.

"Unfortunately, it’s no surprise that this dark financial underworld still exists. While there’s been plenty of political speeches about ensuring transparency and putting an end to tax dodging, corruption and secret shell companies, it hasn’t always been matched by political action. People who want to hide dirty money still have plenty of opportunity to do so.

"If countries introduced registries where the public can see who owns the companies operating in our societies, it would make it impossible to set up fake companies to hide dirty money.”


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 or comment, please contact Julia Ravenscroft, Communications Manager at Eurodad, on jravenscroft@eurodad.org or +32 486 356 814.