South African finance minister warns that citizens linked to Panama papers will be investigated

South Africans mentioned in the Panamanian leak will be investigated by the relevant agencies to ensure they have complied with the law. Finance Minister Pravin Gordhan said in a statement on Tuesday that he noted reports on the clients of a Panamanian legal firm and certain South Africans that may be linked to offshore bank accounts.
“The ministry would like to point out the relevant agencies (e.g. Sars, FIC, Sarb) always investigate such reports to ensure that those that have such links have complied with the law,” he said in a statement.
The Panama Papers is a groundbreaking probe by the Consortium of Investigative Journalists (ICIJ) that lifted the lid on offshore links of reknowned figures worldwide. It includes over 11.5 million documents from the files of Panama-based law firm, Mossack Fonseca. The ICIJ spent a year mining through the large volume of documents to expose how world leaders, companies and celebrities undertook to avoid tax and to launder funds through illicit financial flows and offshore havens.
“The Treasury welcomes the release of such information which, like the recent release of information related to the clients of HSBC, provides the basis for authorities to act against those who illegally move funds out of SA,” noted Gordhan.
“The world is systemically narrowing the scope for those who want to hide their offshore assets and avoid paying their taxes due to the South African fiscus.
“It is in the interests of all those hiding their assets to come clean and disclose, and the Government offers such persons a way to legitimise their financial affairs before they are caught out,” he said.

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