George Osborne hails ‘ground-breaking’ deal with EU allies to crackdown on tax dodgers
Chancellor says new agreement is 'hammer blow' against those who hide in 'dark corners of the financial system'
GEORGE Osborne last night hailed a “ground breaking” deal with EU allies to crackdown on tax dodgers.
The Chancellor said he had “initiated” an agreement with Germany, France, Italy and Spain that will see countries exchange information on the ultimate owners of companies.
Speaking at the IMF spring meeting in Washington, he will urge countries in the G20 to commit to bringing out a “global exchange” of beneficial ownership information.
He was panned earlier this year for celebrating a much ridiculed tax deal with Google, and came under attack for his own tax affairs in the wake of the Panama Papers scandal.
But the Chancellor said the new agreement was “another hammer blow against those who hide their illegal tax evasion in the dark corners of the financial system”.
He also wrote, along with his European counterparts, to fellow G20 members urging them to build upon the system of European co-operation agreed in order to remove "the veil of secrecy under which criminals operate".
Meg Hillier, who chairs the Commons Public Accounts Committee, told the BBC Radio 4 Today programme: "It's a good first step. One hammer blow doesn't crack a nut but it's a great start."