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Panama Papers now a family affair for UK's Cameron

Tuesday, April 05, 2016 - 01:40

British Prime Minister Cameron says he does not have any offshore funds, after leaked Panama documents showed his father had been using a law firm to avoid tax. Deborah Lutterbeck reports.

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David Cameron lost his father Ian in September 2010. Now the British Prime Minister may be forced to face his father's legacy -- and the unfolding financial scandal in Panama. Ian Cameron's name appeared in the so-called "Panama Papers", a leaked list of clients using a law firm in the tax haven of Panama. (SOUNDBITE) (English) UNKNOWN REPORTER , SAYING: "Can you clarify for the record that you and your family have not derived any benefit in the past, and will not in the future, from the offshore Blairmore holdings fund mentioned in the Panama paper." (SOUNDBITE) (English) BRITISH PRIME MINISTER, DAVID CAMERON, SAYING: "I own no shares. I have a salary as Prime Minister and I have some savings which I get some interest from and I have a house which we used to live in, that we now let out while we're in Downing Street and that's all I have. I have no shares, no offshore trusts, no offshore funds, nothing like that. So that I think is a very clear description." Labor Party Leader Jeremy Corbyn says he will not let the issue go gently. (SOUNDBITE) (English) LABOR LEADER, JEREMY CORBYN, SAYING: "It's one rule for the rich and one rule for everybody else. And it's therefore high time that we got tough on tax havens." Those calls for change are not confined to the UK. With Tuesday's resignation of Iceland's Prime Minister Sigmundur Gunnlaughsson, the Panama Papers are reverberating across the globe ...raising fears of just who else will be hit by the sting.

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Panama Papers now a family affair for UK's Cameron

Tuesday, April 05, 2016 - 01:40