Financial misconduct report – John McDonnell responds
John McDonnell MP, Labour’s Shadow Chancellor, responding to the Transparency International report on financial misconduct, said:
“This government has created the conditions for financial misconduct to flourish.
“We’ve set out a practical plan to tackle those who enable tax avoidance and evasion, including strengthening laws, setting up an Offshore Company Property Levy to curb corrupt property purchases and holding a public inquiry into the finance sector.”
“The next Labour government will stop at nothing to take on the professionals who profit from aiding and abetting corruption.”
Notes to Editors
- The Transparency International report, At Your Service, is available online at https://www.transparency.org.uk/publications/at-your-service/. The report presents “a review of key forms of enabling activity, including examples of high-risk activity and analysis of the available evidence” (p. 7); it discusses the role of banks, law firms, accountancy firms, and others.
- Labour’s package of measures to tackle enablers of tax avoidance and evasion – including stronger secondary liability laws, harsher promoter penalties, extending the suspicious activity regime to tax avoidance and evasion, and restricting the use of legal professional privilege as a shield against tax avoidance and evasion – is set out here: https://www.thetimes.co.uk/article/john-mcdonnells-plan-to-end-tax-avoidance-send-cunning-advisers-to-jail-52cbn7ln8
- More information on Labour’s twelve-month public inquiry into the finance sector can be found here: https://www.ft.com/content/e2467f36-b46d-11e9-8cb2-799a3a8cf37b
- Labour’s Tax Transparency and Enforcement Programme is set out here: https://labour.org.uk/wp-content/uploads/2017/10/Tax-transparency-programme.pdf