Isle Of Man / Ellan Vannin

Panama Papers: More than 8,000 Isle of Man entries in latest leak

ICIJ
Image caption The Isle of Man is mentioned 8,295 times on the The International Consortium of Investigative Journalists website

More than 8,000 entries involving the Isle of Man have been published as part of the latest Panama Papers data leak.

The affair widened on Monday, with details of more than 200,000 offshore accounts posted online at offshoreleaks.icij.org.

The Panama Papers have shown how some wealthy people use offshore firms to evade tax and avoid sanctions.

The website hosting the leak said there is no suggestion of any wrongdoing by any of those on the list.

In the latest release, there are 4,893 offshore entities, 2,018 company officers, 213 intermediaries and 1,000 addresses linked to the Isle of Man. No ownership details have been published.

The entries date back over four decades, and show offshore structures set up from the island.

Offshore companies are not illegal but their function is often to conceal both the origin and the owners of money, and to avoid tax payments.

Transparency 'vital'

The papers belonging to Panama-based law firm Mossack Fonseca were leaked to a German newspaper which then gave access to the International Consortium of Investigative Journalists (ICIJ).

The ICIJ insists that Monday's online database is not a data dump of the kind used by the Wikileaks organisation.

The Isle of Man's Chief Minister Allan Bell told Manx Radio it is vital the Isle of Man's transparent stance on offshore financial activity is widely known.

Mr Bell will attend a landmark international anti-corruption summit in London on Thursday hosted by David Cameron.

He is the only chief minister from the Crown Dependencies and British Overseas Territories to have been invited.

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