The European Parliament Conference of Presidents has agreed on the mandate for a committee of inquiry to look into the Panama Papers, which revealed detailed information on offshore companies and their ultimate beneficiaries.

The proposal by the conference of presidents will be voted by Parliament as a whole on June 8 during the plenary session in Strasbourg.

The committee, which is to consist of 65 members, will be tasked with investigating alleged contraventions and maladministration in the application of EU law with respect to money laundering, tax avoidance and tax evasion.

After next week's vote, the committee will have 12 months to draw up a report. 

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