Following the Panama Papers revelations, the European Parliament set up Thursday a committee to investigate into the use of offshore accounts.
"I believe that stricter control over the banking system, over financial transactions and over the flows of money could be a serious option. All the flows of money — legal and illegal — pass through the banking system: if the EU will be able to impose more transparency on the banking system, authorities could track all the flows and easily check if this represents a legal transaction or not," Marco Zanni, representing the Five Star Movement, said.
Earlier in April, the German newspaper Sueddeutsche Zeitung exposed the alleged involvement of the world's wealthy including a number of former and current leaders, in offshore schemes by publishing materials it claimed came from Mossack Fonseca, a Panama firm selling offshore companies.
