The Chancellor of the Exchequer and the Home Secretary have published an update on the work of the Panama Papers Taskforce. The cross-agency task force was created in April 2016 to analyse all the information that had been made available from the International Consortium of Investigative Journalists’ (ICIJ) Panama Papers data leak. In a written ministerial update to the House of Commons, the Chancellor and the Home Secretary reported that the task force has led the international acquisition of high-quality, significant and credible data on offshore activity in Panama, ensuring the important work of the Taskforce was not delayed by the ICIJ’s refusal to release all of the information that it holds to any tax authority or law enforcement agency.
This has led to the following numbers:
- Identified some leads relevant to a MAJOR INSIDER-TRADING OPERATION led by the FCA and supported by the National Crime Agency (NCA).
- Identified NINE [9] POTENTIAL PROFESSIONAL ENABLERS of economic crime, all of whom have links to known criminals.
- Opened civil and criminal investigations into 22 INDIVIDUALS FOR SUSPECTED TAX EVASIONS
- PLACED 43 HIGH NET WORTH INDIVIDUALS under special review while their links to Panama are further investigated.
- Identified TWO [2] NEW UK PROPERTIES and some companies relevant to the NCA FINANCIAL SANCTIONS ENQUIRY.
- Established links to EIGHT [8] ACTIVE SFO investigations.
- IDENTIFIED 26 OFFSHORE COMPANIES whose beneficial ownership of UK property was previously concealed, and whose financial activity has been identified to the NCA as POTENTIALLY SUSPICIOUS.
- CONTACTED 64 FIRMS to determine their links with Mossack Fonseca to establish further potential avenues for investigation by the Taskforce.
- Seen INDIVIDUALS SETTLING THEIR AFFAIRS IN ADVANCE of Taskforce partners taking action.
The Taskforce has also established a Joint Financial Analysis Centre (JFAC). Using the data and intelligence gathered from across the Taskforce, the JFAC has developed cutting-edge software tools and techniques, ensuring the Taskforce has access to the very best information from which to work.
Source: HMRC: Taskforce launches criminal and civil investigation into Panama papers, 8 November 2016 = http://bit.ly/2fS55fd
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