Following a masterpiece of transnational investigative journalism, the Süddeutsche Zeitung, Le Monde and the International Consortium of Investigative Journalists (ICIJ) made their report public, containing an enormous amount of leaked data on offshore companies in Panama. The documents provide details of Mossack Fonseca’s role at the centre of the secretive financial dealings of more than 140 politicians and public officials worldwide.
MEP Sven Giegold, financial and economic policy spokesperson of the Greens/EFA group comments on the “Panama Papers”: “The Panama Papers reveal the scandalous system of tax evasion through offshore companies in tax havens. It’s a shame that we still rely on leaks like this one to tackle disgraceful tax evasion. This case shows how crucial transparency on offshore companies and their owners is in the fight against tax evasion and money laundering. We need a public register of the beneficial owners of offshore companies. The EU should apply strong sanctions on banks, which are doing business with intransparent companies. That’s how the US is doing it for years. All EU member states must ensure fully public transparency for the planned business register. The EU commission has now to stop hesitating and suggest fully public country by country reporting for large corporations in order to lift the veil of secrecy over their presence in tax havens.”
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