The European Parliament is expected to agree on a 65-member-strong special inquiry committee to investigate the Panama Papers leaks and the involvement of member states and their politicians.
The final decision on the setting up of the committee will be made during next week’s plenary, after an agreement was reached yesterday between the political groups on the committee’s mandate.
The final proposal was made by the EP Conference of Presidents, which includes the Parliament’s president and the political group leaders. The committee will investigate alleged contraventions and maladministration in the application of EU law with respect to money laundering, tax avoidance and tax evasion by the European Commission and member states.
The inquiry will last 12 months, after which the special committee could sent recommendations to the plenary on what was found and what sanctions can be taken against member states
An EP spokesman told the Times of Malta that MEPs sitting on the investigative committee would be selected by the respective political groups.
“The inquiry will last 12 months, after which the special committee could sent recommendations to the plenary on what was found and what sanctions, if any, can be taken against member states or other institutions of the EU,” the spokesman said.
“The committee will also have the remit to call politicians to Brussels to respond to questions by MEPs,” he said.
Minister without Portfolio Konrad Mizzi, the only serving minster of an EU member state so far mentioned in the Panama Papers, is likely to be one of the EU politicians to be summoned by the committee.
The Panama Papers revealed that Dr Mizzi, together with the Prime Minister’s chief of staff, Keith Schembri, opened a trust in New Zealand and incorporated secret trading companies in Panama, a tax haven.
Last week, it emerged that, according to Nexia BT, Dr Mizzi was planning to deposit into the account of his Panama company an annual turnover of $240,000.
Nexia BT said that Mr Schembri was planning to deposit into his Panama account tied to Tillgate Inc. about $600,000 a year from consultancy and brokerage services.
Mr Schembri told the Times of Malta he had no knowledge of Nexia BT’s banking form sent to Panama’s FPB bank even though it was accompanied by a copy of his diplomatic passport.
Dr Mizzi said he never gave any power of attorney to Nexia BT to open any accounts in his behalf.