Diane Sheard, interim Europe Executive Director at The ONE Campaign , said:

“We welcome the Prime Minister’s statement on the Panama Papers. But he misses a vital ingredient: a clear plan for the British Overseas Territories to include trusts in their public registers of beneficial ownership.

“Missing this is like baking bread and forgetting the flour, leaving a half-baked response to a major global problem.

“Developing countries lose a trillion dollars each year through money laundering, dodgy deals and other forms of corruption. The Prime Minister has the chance to revolutionise transparency at next month’s Anti-Corruption Summit, benefiting millions of people at home and abroad.”

ENDS