U.K. Task Force to Probe Offshore Activities Described in Panama Papers — Update

LONDON — U.K. Prime Minister David Cameron announced the creation of a task force to investigate information contained in the so-called Panama Papers, after acknowledging that his own handling of the disclosure of personal links to offshore funds had been poor.

In a statement Sunday, the government said the new force, led by the U.K.’s tax authority and National Crime Agency, would probe the leaked documents from Panama-based law firm Mossack Fonseca once it gets access to them. The force will have an initial budget of up to GBP10 million ($14.1 million) and will report to the Treasury chief and home secretary on its progress, it said.

“The U.K. has been at the forefront of international action to tackle the global scourge of aggressive tax avoidance and evasion, and international corruption more broadly,” Mr. Cameron said in the statement. “There is clearly further to go and this task force will bring together the best of British expertise to deal with any wrongdoing relating to the Panama Papers.”

Read on.

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