Molly, who is a member of the Panama Papers Committee of Inquiry in the European Parliament, has said the latest scandal, being coined the Bermuda hack, is another sign that the UK is a leading global tax haven. She said:

“Another year, another tax scandal involving UK overseas territories and yet another sign that the UK is a leading global tax haven.

“As the plutocrats prepare to defend themselves against the information contained in the Bermuda hack, Britain is once again in the dock as the world’s leading tax haven. It is clear that our overseas territories are facilitating the corrupt activities of the wealthy global elite and that, far from attempting to clean up their act, the Tories’ intention is to encourage this murky business following our exit from the EU.’

Two amendments to the Panama Papers report, tabled by Molly and relating to the significant role played by British overseas territories in corruption and tax dodging, were passed [1].

Notes

[1] Amendments to the draft PANA report, proposed and passed

Amendment 209

17. States that among the EU Member States, the United Kingdom had the largest number of offshore entities revealed in the Panama Papers (17 973 entities), followed by Luxembourg (10 877 entities) and Cyprus (6 374 entities), as well as Latvia, Ireland, Spain, Estonia and Malta27; Stresses that out of the 21 countries used most by Mossack Fonseca to set up shell companies or other complex structures, 12 countries, in addition to the UK are British Overseas Territories, British Crown Dependencies or members of the Commonwealth; 

Amendment 236 on naming and shaming

25 b. Notes that in the UK, more than 75% of corruption cases involving property investigated by the authorities involved anonymous companies registered in secrecy jurisdictions; Adds that of these,78% of the companies involved were registered in either the UK’s overseas territories or crown dependencies; Notes that the United Kingdom government can invoke special prerogatives that would force British overseas territories and crown dependencies to introduce central public registers of company ownership and end their tax secrecy;

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