Commenting on the Pandora Papers scandal, Tove Maria Ryding, Tax Coordinator at the European Network on Debt and Development (Eurodad) said:

“It is clear to see that the reports about the end of tax havens have been greatly exaggerated. We’re in the midst of a global crisis, and it is more urgent than ever to crack down on international tax dodging. The Pandora Papers is a stark reminder that we have a long way to go.

“It really is outrageous to see that some of the politicians that pretended to crack down on dirty tax tricks and secret shell companies were in fact using them themselves. The only way to break this curse is to crack open the dirty secret corners of the financial system and ban harmful secrecy structures. It is time to put an end to anonymous shell companies, trusts and similar creative structures.

“The EU took the first step when it decided to create public registers of company owners in Europe. But partial, piecemeal transparency is not real transparency. We need to make sure that all EU member states really implement the decision, and it is high time to expand the transparency and include owners of trusts and similar structures too.

“Furthermore, it is clearly time to step up the global fight against international tax dodging and illicit financial flows. Much as the global climate crisis has been put squarely on the agenda of the United Nations, we need an intergovernmental UN-led response to tax havens. This problem is draining billions of dollars from public coffers every year and we cannot afford to ignore it. If governments are serious about funding healthcare, education and the fight against climate change, they have to show us they are ready to stop tax havens.”

ENDS

Media contact: Julia Ravenscroft, Communications Manager: [email protected]/ +44 7958 184 695.