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Panama Papers reveal fraud on industrial scale

Today’s revelation of documents from the Panama-based company Mossack Fonseca show how a rich people from around the world have hidden assets, evaded tax and laundered money. They contain details on more than 214,000 offshore entities connected to people in more than 200 countries and territories.

 

Sergei Stanishev, PES President reacted to the announcement:

‘These papers reveal criminality of the rich on a previously unseen scale. The money that these people were hiding does not belong to them - it should have been redistributed for the benefit of all. But they chose to act with duplicity, and thinking that their money put them beyond reproach they neglected their responsibilities towards society. I commend the work of the International Consortium of Investigative Journalists (ICIJ) which has brought this corruption to light.

Today’s revelations reinforce the necessity for EU action on tax havens and addressing money laundering, something that we European socialists have long been calling for. Tax justice must be a priority, as it in turn will lead towards fairness and equality.

Tax is not optional, and where these activities were illegal they should be brought to justice. Where they were not illegal we must tighten laws to ensure that every pays what they owe. The European Commission’s Anti Tax Avoidance Package is a step in the right direction towards making that happen, but it is now more clear than ever, that we urgently need more action.’

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