UK: Firms that aid tax evasion will be held criminally responsible for the actions of their staff under legislation to be introduced in Parliament this year, David Cameron will announce as he attempts to draw a line under the Panama Papers row.
The Prime Minister will give details of the plans as he faces his critics in the Commons for the first time since it emerged he had invested in an offshore trust set up by his father Ian.
Legislation expected to be contained in the Queen’s Speech in May will create the new offence, which will mean that firms will be held criminally liable if they fail to stop their employees from facilitating tax evasion.
The Prime Minister said: “This Government has done more than any other to take action against corruption in all its forms, but we will go further.
“That is why we will legislate this year to hold companies who fail to stop their employees facilitating tax evasion criminally liable.”
The move comes ahead of an international anti-corruption summit in London on May 12 and follows the announcement of a new task force aimed at investigating the evidence from the Panama Papers data leak.