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“The Panama Papers give us a disturbing look into the murky world of tax dodging, a problem that governments and international institutions refuse to tackle head-on. The true scandal is that many of the cases uncovered are not always illegal, but instead, fully legal practices that ruthless abuse a weak and inadequate tax system."

EU finance ministers look set to whitewash nine of the world’s worst tax havens when they update the EU tax haven blacklist next week, says Oxfam.

Following the abuses revealed in the Panama Papers, world leaders attending the Spring Meetings of the World Bank and International Monetary Fund this week must seize the moment to take decisive action and help end the era of tax havens, said Oxfam today.

The weak EU tax haven blacklist is undermining attempts to stop government bailouts going to corporate tax dodgers, said Oxfam, ahead of the publication of a revised EU blacklist tomorrow, 6 October.

The European Council has started to publish the commitments taken by countries to escape the EU blacklist of tax havens. Governments must now pressure all tax havens on the EU's grey list to make their commitments public, and the EU must ensure tax havens implement the reforms they have promised, or else blacklist them.

Bermuda, the Netherlands, Ireland and Luxembourg are among the world’s 15 worst corporate tax havens, according to new Oxfam research published today.

Tax havens deprive governments around the world of billions of dollars each year, fuelling inequality and poverty. The EU blacklisting process was announced as an attempt to put an end to the era of tax havens. Unfortunately – according to Oxfam research – the EU is set to whitewash some of the world’s worst tax havens.

According to the Paris-based Organization for Economic Co-operation and Development, just one country fails to comply with international transparency standards, which Oxfam strongly disputes.Trinidad and Tobago is the only tax haven identified by the OECD as failing to comply with international transparency standards, despite extremely weak commitments by the US, the Bahamas and other countries. Also escaping blacklisting were the Netherlands, Bermuda, Mauritius and Singapore, among others, all of which featured on an …

One year on from the Panama Papers scandal and our political leaders are still not standing up to tax havens.

The scale of the losses could outweigh the $103bn developing countries receive annually in overseas aid.