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Pandora Papers: Call to tighten regulations gets louder as leak reveals London as hub for tax avoidance
FirstpostTreasury chief Rishi Sunak said Britain’s tax authorities will inspect the Pandora Papers and defended the country’s record on tackling tax avoidance London: Transparency advocates are calling on Britain to tighten the country’s defenses against money laundering and tax avoidance after a massive leak of financial data showed how London is a key destination of choice for some of the world’s richest and most powerful people to conceal their cash. Duncan Hames, policy director at the campaign group Transparency International UK, said the disclosures should act as a “wake up call” for the government to deliver on long-overdue measures to strengthen Britain’s defenses against what he termed “dirty money.” “These leaks show that there is one system for corrupt elites who can buy access to prime property and enjoy luxury lifestyles and another for honest hard-working people,” he said. “Once again Britain’s role as an enabler of global corruption and money laundering have been exposed with the same loopholes exploited to funnel suspect wealth into the country.” Transparency International UK is urging the government to close a loophole that allows companies in the UK’s offshore financial centers such as the British Virgin Islands and the Cayman Islands to hold property in the country without requiring these companies to reveal the names of their true owners. Treasury chief Rishi Sunak said Britain’s tax authorities will inspect the Pandora Papers.
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'Pandora papers' show London is a key hub for tax avoidance
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‘Pandora Papers’ show London to be a key hub for concealing cash and avoiding tax
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