Guernsey ensnared in Panama Papers web
GUERNSEY has been caught up in the tax-leak Panama Papers scandal.
The leak of 11.5m. documents from the files of Panama-based Mossack Fonseca, the world's fourth biggest offshore law firm, details the so-called 'parallel universe for the ultra-rich and ultra-powerful', and how they exploit secret offshore tax regimes.
Mossack Fonseca also operates in Guernsey.
Labour leader Jeremy Corbyn said the government needed to act.
'It is time to get tough on tax havens.
'Britain has a huge responsibility.
'Many of those tax havens are British overseas territories or crown dependencies.
'The government needs to stop pussyfooting around on tax dodging.
'There cannot be one set of tax rules for the wealthy elite and another for the rest of us.
'This unfairness and abuse must stop.
'No more lip service.
'The richest must pay their way.'
Guernsey deputy chief minister Allister Langlois said the island had strong regulation and warned against the 'automatic assumption of some that somehow Guernsey, or Jersey, or the Channel Islands are part of the problem, which is not the case'.
