EU lawmakers call for investigation into Paradise Papers
29 Nov 2017

KYC360 News

European Union parliamentarians (MEPs) have called for a special inquiry into details of aggressive tax planning uncovered by the Paradise Papers.

MEPs belonging to the Special Inquiry into Money Laundering, Tax Evasion and Tax Avoidance (PANA) have called for the creation of a permanent standing committee to probe wrongdoing concerning tax matters, and also want to look at the issue of the Paradise Papers in the interim, said PANA chair Werner Langen.

Langen made the announcement at the start of a public hearing on the Paradise Papers.

So far some countries have began to act upon the details revealed in the Paradise Papers, including launching investigations and audits, according to the International Consortium of Investigative Journalists (ICIJ), which coordinated the Paradise Papers investigation.

These jurisdictions include Argentina, where a prosecutor has called for the arrest of officials in alleged money laundering linked to commodities producer Glencore.

Meanwhile in Chile, government agencies announced a probe into the Paradise Papers, including of Chilean companies that appear in the leaked files.

And in Bermuda, former head of government Michael Dunkley predicated that law firm Appleby would not survive after the Paradise Papers, the ICIJ recently said.

“Sadly because of how badly they handled the hack I suggest that they will not be a viable entity going forward,” Dunkley reportedly wrote in a Facebook post. “This is also a reputation issue for Bermuda.”

The Paradise Papers exposed the secret deals and tax affairs of clients of Appleby, which has denied that its clients were guilty of illegal activity.

After the data was hacked, details were passed onto German newspaper Süddeutsche Zeitung, which shared the information with the ICIJ and scores of media organisations.

Süddeutsche Zeitung also received the Panama Papers data last year.

Related topics:

Paradise Papers: Who has been exposed?

What are the Paradise Papers and how was the data leak exposed?

Beijing in paradise: Chinese senior officials absent in leak (so far)

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