After Panama documents leak, German minister announces new rules against offshore companies

The leak of the “Panama Papers” – four decades worth of documents from a Panamanian law firm that set up offshore companies – has triggered renewed calls for tougher action against tax abuse.

“We must create transparency. The systematic cover-up must end. Shell companies, which still have an anonymous beneficial owner, must no longer be allowed,” said Maas, saying he planned to expand Germany’s money laundering law.

WATCH| Panama Papers: How Mossack Fonseca Helped Stash Away Billions Of Dollars

He also said regarding German banks, that none should believe that they can escape national law and authorities tasked with tracking people down.

German Finance Minister Wolfgang Schaeuble has said the leak would increase the pressure to tackle tax rule abuse and that additional measures were needed.

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