Commenting ahead of the special Anti-Corruption Summit being hosted by David Cameron this Thursday, economist and tax spokesperson for the Green group in the European Parliament, Molly Scott Cato MEP, said:
“David Cameron has a real opportunity this week to demonstrate his commitment to tax transparency when he hosts the UK’s Anti-Corruption Summit. The Panama Papers revelations have exposed the disturbing extent of the network of tax havens and overseas territories which help wealthy people hide their money. I fully support the calls made by over 300 economists to end tax havens because they distort the global economy and increase inequality.
“It is clear that British influence is at the heart of the web of shell companies in offshore tax havens so Cameron needs to use this opportunity to put our own house in order. The UK is uniquely placed to reduce global corruption because it has sovereignty over a third of the world’s tax havens. Cameron can put an end to shell companies, by launching a public register of beneficial ownership on British overseas territories and crown dependencies. He can also introduce a public register of beneficial ownership of property in the UK. These moves, combined with Cameron’s continued support in the European Council for public country by country reporting, could mean real progress towards tax justice.”