Special Committee set up in Parliament to investigate Panama papers over the next year – Hayes
Brian Hayes MEP is set to be appointed as a member of the European Parliament’s new Special Committee on Panama papers which will investigate the revelations of offshore financial activity.
“It was agreed yesterday (Thursday) by the European Parliament’s conference of Presidents that a new Special Committee will be set up to investigate the Panama papers. This is a welcome development as these revelations need proper parliamentary scrutiny.
“I look forward to joining this Committee as an Irish MEP when it begins its mandate and I am committed to investigating the full extent of these loopholes that companies both in Ireland and in Europe have exploited.
“These revelations demonstrate an organised web of financial secrecy which should not be tolerated. Companies and wealthy individuals should pay their fair share of tax. We have serious problems if firms like Mossack Fonseca are allowed to use special business structures to hide certain financial activity.
“I believe Mossack Fonseca should appear before this new Special Committee to testify and be questioned by MEPs. This is crucially important and it should be a priority for the new Committee to ensure that Mossack Fonseca does testify in an open and transparent manner.
“This sort of tax avoidance is a global issue and requires coordination between Member States and other parts of the world. The European Parliament can lead on this. I look forward to taking an active role in this Committee.”