April 14th, 2016
(ANTIMEDIA) United Kingdom — The City of London has long been known as a tax bolt-hole, facilitating money laundering, welcoming dirty money, and turning a blind eye to the investment of dodgy foreign capital. Long before the Panama Papers leak and its resulting embarrassment, stampedes to buy property in the British capital eliminated locals from the market. Last year’s reports highlighting the purchase of over £100bn worth of London property by foreign investors through shady offshore firms were met with little more than sighs and apathy.
In contrast, the leaked documents linked to Panamanian law firm, Mossack Fonseca, have propelled ministers to the podium in a race to prove who will crack down on tax dodging the hardest — a bit like a small child who has been caught with a hand in its mother’s purse.
Leading a debate on tax avoidance and evasion, Shadow Chancellor John McDonnell said London is seen as the tax haven at the centre of the worldwide system, designed to help the super-rich avoid paying taxes. Urging ministers to go further than the allocated £10 million for a taskforce to investigate the leak, McDonell has called for an independent public inquiry into the Panama Papers. Read full article at The Anti Media >>>
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