British Prime Minister David Cameron in 2013 personally intervened to prevent the UK from being pulled into an EU-wide crackdown on offshore tax havens, according to new reporting.
Cameron—who finally admitted Thursday that he had profited from his late father’s offshore trust, which was set up through the firm at the center of the massive Panama Papers leak—in 2013 sent a letter to the then-president of the European Council urging him to treat trusts differently from companies in anti-laundering rules. The Panama Papers revealed that Ian Cameron’s trust, Blaimore Holdings, had avoided paying UK taxes for more than 30 years.
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The EU had planned to publish a central register of the owners of offshore accounts in an effort to curb tax avoidance when Cameron sent the letter.
“It is clearly important we recognize the important differences between companies and trusts,” Cameron wrote to Herman van Rompuy. “This means that the solution for addressing the potential misuse of companies—such as central public registries—may well not be appropriate generally.”
Instead, he argued, the EU should allow trust owners to keep their identities secret from the public and reveal them only to global tax authorities in exchange for information.
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