Carthy welcomes establishment of European Parliament Panama Papers inquiry
Sinn Féin MEP Matt Carthy has welcomed the vote in the European Parliament to establish a Committee of Inquiry into the Panama Papers revelations. The committee will comprise 65 members of the European Parliament and will have 12 months to report.
Speaking from Strasbourg following the vote, Carthy said:
“This move by the Parliament is very much to be welcomed. The Panama Papers revelations released by the International Consortium of Investigative Journalists caused shockwaves around the world, including resignations from office by political figures implicated in the scandal.
“The Panama Papers – 11.5 million leaked files from the Panama-based law firm Mossack Fonseca – have caused outrage around the world as the public have become aware of the extent of tax-dodging, money laundering and general criminality by the world’s wealthiest corporations and individuals, using offshore tax havens."
Carthy, a member of the Economic and Monetary Affairs Committee, continued:
Committee of Inquiry will investigate possible contraventions and
maladministration in the application of the law on money laundering, tax
avoidance and tax evasion.
“A number of Irish companies, businesspeople, property developers and other individuals have been implicated in this scandal. A full 50% of the Panama Papers relate to companies registered in British jurisdictions, tax havens such as the British Virgin Islands.
“The secrecy surrounding the wealth of corporations and individuals revealed in the Panama Papers shows the need for an international system where each country’s corporate register should be publicly available which includes detailed information on ultimate beneficial ownership.
“It is vital that this Committee has sufficient powers of inquiry to investigate the Panama Papers scandal effectively in order to identify the loopholes that need to be closed.”