17 May, 2016
A group of tax havens have accused larger countries like the United States of “hypocrisy” when it comes to cracking down on tax avoidance. With the issue of offshore finance high on the agenda in light of the fall out from the so-called Panama Papers scandal, world leaders convened in London on Thursday to agree new measures to take on the issue. At the summit, world leaders from six countries – Britain, Afghanistan, Kenya, France, the Netherlands and Nigeria – agreed to publish registers of so-called “beneficial ownership”. These lists help authorities identify who really owns companies and to crack down on tax avoidance. But offshore havens such as the Isle of Man, Cayman Islands, and Bermuda criticised larger countries – notably the US – for asking them to sign up to public registers of beneficial ownership when they held themselves to lower standards.