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From early 2015, 11.5 million documents belonging to a Panamanian law firm, Mossack Fonseca, were provided to a German newspaper, Süddeutsche Zeitung, who shared them with the International Consortium of Investigative Journalists (“ICIJ”). The ICIJ shared these documents with 400 journalists at 107 different media organisations who kept them secret while they were reviewed in detail. The first news reports were published on 3 April 2016 when the documents became known as the “Panama Papers”.
Continue Reading NCA and HMRC to Lead Taskforce to Investigate the Panama Papers

On 16 July, HMRC published a consultation paper on the introduction of a new offence for corporations which fail to prevent the facilitation of tax evasion. This consultation is one of the four consultations on harsher penalties for tax evasion which were previewed in the Budget 2015 and a recent publication “Tackling Evasion and Avoidance.”
Continue Reading HMRC Launches Consultation on New Corporate Offence of Failing to Prevent the Facilitation of Tax Evasion