Panama Papers: Mossack Fonseca leaks elite’s tax havens

David Cameron is dragged into tax havens storm: Huge data leak reveals conjuring trick used by his father’s firm as Prime Minister refuses to confirm his family still makes money from offshore investments

Ian Cameron, his father, was a director of Blairmore Holdings Inc which was named in the leaked “Panama Papers” of rich and famous people who use havens to protect their wealth.

What’s Britain’s response to the revelations?

“HMRC can confirm that we have already received a great deal of information on offshore companies, including in Panama, from a wide range of sources, which is currently the subject of intensive investigation,” HMRC director-general of enforcement and compliance Jennie Grainger told PA.

“We have asked the ICIJ to share the leaked data that they have obtained with us. We will closely examine this data and will act on it swiftly and appropriately.

“Our message is clear: there are no safe havens for tax evaders and no-one should be in any doubt that the days of hiding money offshore are gone. The dishonest minority, who can most afford it, must pay their legal share of tax, like the honest majority already does.”

The Panama Papers

The 11.5 million leaked files from Panama-based law firm Mossack Fonseca, show how Mossack Fonseca has helped clients launder money, dodge sanctions and avoid tax.

President Francois Hollande hailed the “good revelations” which would “increase tax revenues from those who commit fraud”.

As a registered agent, the Mossack Fonseca law firm incorporates companies in tax havens worldwide for a fee. It has avoided close scrutiny from US law enforcement officials.

Mossack Fonseca denied all accusations of illegal activity.

“We have not once in nearly 40 years of operation been charged with criminal wrongdoing,” spokesman Carlos Sousa said. “We’re proud of the work we do, notwithstanding recent and willful attempts by some to mischaracterize it.”

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Russian President Vladimir Putin. Photo: AP