HMRC acts on Panama leaks

After reports in the media of leaked documents from Panamanian law firm Mossack Fonseca showing how rich and powerful individuals use tax havens Jennie Granger HMRC director general of enforcement and compliance said: ‘We have already received a great deal of information on offshore companies including in Panama from a wide range of sources which is currently the subject of intensive investigation.’

She added: ‘HMRC has asked the International Consortium of Investigative Journalists to share with us the leaked data that they have obtained. We will examine this data closely and will act on it swiftly and appropriately.’

Crawford Spence a professor of accounting at Warwick Business School said: ‘These latest revelations are novel in that they show how elites from different walks of life come together to avoid scrutiny of their affairs by state authorities and the public more...