Cameron has nothing to do with ‘offshore funds’

LONDON: British Prime Minister David Cameron said he had no personal offshore funds as he faced growing pressure over the so-called Panama Papers, which raised questions about his family’s financial affairs.

A massive leak of documents from Panamanian law firm Mossack Fonseca revealed how an investment fund co-founded by the premier’s late father, Ian Cameron, avoided paying taxes in Britain for 30 years by basing itself in the Bahamas.

Faced with calls by the opposition Labour Party for an investigation into all those implicated in the leak, including his family, Cameron said his wealth consisted of his salary, some savings and a house.

“I own no shares, no offshore trusts, no offshore funds, nothing like that,” Cameron said.

Downing Street had previously insisted that any offshore holdings by members of his family were a “private matter”.

However, it issued a statement on Tuesday stating: “To be clear, the prime minister, his wife and their children do not benefit from any offshore funds.”

The revelations about his father are embarrassing for Cameron, who has sought to lead international efforts to improve financial transparency and whose government hosts an anti-corruption summit next month.

He insisted that “no prime minister has done more” to tackle tax evasion and aggressive tax avoidance, and said British authorities would look into the Panama leaks.

However, campaigners called for more action to tackle secretive company ownership in British overseas territories such as the Cayman Islands and the British Virgin Islands.

Labour leader Jeremy Corbyn raised the prospect of Britain taking full control of the territories if they did not act.

Cameron said Britain had made “huge progress” in pressing its overseas territories and crown dependencies to share tax information and make it harder for companies and individuals to hide their financial affairs. — AFP

I own no shares, no offshore trusts, no offshore funds, nothing like that

David Cameron