The Committee will investigate alleged failures by the Member States or Commission with respect to money laundering, tax avoidance and tax evasion.

Panama Papers Inquiry Committee explained

Want to know how to hide a billion euros?

Well, the Panama Papers,  the biggest data leak in history

laid bare the exploitation of secretive  tax regimes by the world's most powerful.

2,600 gigabytes of data  uncovered 11.5 million secret files

showing how former and sitting politicians,  officials and beloved celebrities

had funnelled funds through a law firm in  Panama to offshore accounts in tax havens

such as the British Virgin Islands,  the Bahamas to Seychelles,

If the story seems familiar, well,  we've been here before, so to speak.

Multinationals on this occasion  were the tax evaders.

The Parliament set up a Special Committee  on Tax Rulings to look into it,

This time around they will have  an inquiry committee.

immediately gives the Parliament  greater legal tools

to get to the bottom of tax evasion practices,

particularly to look closely at tax havens  and tax loopholes.

They will also have better access to people  and confidential documents.

The Committee will consist of 65 MEPs  and will have a 12-month mandate.

The task ahead of them is a difficult one.

Banking offshore isn't illegal but  not declaring it to relevant tax authorities is.

The hope is that these recommendations  can influence