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HMRC/NCA taskforce to investigate ‘Panama papers’

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The government has announced a new taskforce, jointly led by HMRC and the National Crime Agency, to investigate evidence of money laundering and tax evasion provided by the ‘Panama papers’. The taskforce will be supported by specialists from the Serious Fraud Office and the Financial Conduct Authority and will have initial new funding of £10m.

CIOT tax policy director John Cullinane described this as ‘a sensible, joined-up approach from the government’. He added: ‘It is important investigations are joined up internationally, too. The new common reporting standard on financial account information exchange, which has been signed by more than 90 countries, should help in this regard.’

Tax administration officials from around the world will discuss action to be taken on information contained in the ‘Panama papers’ at a meeting of the Joint International Tax Shelter Information and Collaboration network, hosted by the OECD in Paris on 13 April.