In light of the recent Panama Leaks scandal, our team of forensic accountants and tax investigations professionals have been examining the findings, which could implicate many individuals, including state leaders and their families and associates of tax evasion and in extreme cases, money laundering.
The Panama Leaks scandal came about following leaked documents from Panamanian based law firm Mossack Fonseca which helps set up and administer companies in offshore jurisdictions and tax havens.
It is not clear how the documents were obtained, or how they were leaked, but once German newspaper Sueddeutsche Zeitung shared the information with the International Consortium of Investigative Journalists (ICIJ), 107 media organisations across 76 countries analysed the information over a year long period.
The findings of the investigation expose how the wealthy and powerful have used tax havens to help hide money and avoid paying tax.
In Germany, authorities have already begun to raid homes and business premises in order to gather evidence in cases they suspect that tax has been evaded illegally.
The scandal is set to rumble on over the coming weeks. Here in the UK, it has raised a large amount of public concern, particularly since one newspaper reported that the investment fund headed by PM David Cameron’s late father Ian, had not paid a single penny in tax on the profits it had made from its operation based in the Bahamas, and was originally incorporated in Panama in the 1980s.
These developments highlight the serious point that for individuals who have deliberately or innocently invested money offshore in order to evade tax, or launder money in more serious cases, will no doubt at some point in the future, fall onto HMRC’s radar and face potentially severe penalties and even a risk of criminal prosecution.
If you have assets or money offshore, or even if you believe you have underpaid tax here in the UK, you should speak to a tax investigationsprofessional prior to contacting HMRC.
To discuss your circumstances in complete confidence with our tax specialists you can call us on 0113 387 5670 or fill out an Enquiry Form and we will contact you straight away.