HMRC and the Panama papers

The release of the Panama papers is the latest in a series of leaks in what is a very 21st century problem for institutions which are required to hold their client’s data confidentially. In an age where huge quantities of data can be transferred at the press of a button and where the international political climate is resolutely hostile to those who are perceived to be evading tax money laundering or breaching sanctions those who believe that their confidentiality is assured are at increased risk of discovery.

In respect of those who have concerns about their tax affairs HMRC has today announced that: ‘HMRC can confirm that we have already received a great deal of information on offshore companies including in Panama from a wide range of sources which is currently the subject of...