Offshore Leaks Record

United Kingdom ยท Panama Papers

David Cameron: offshore leaks and what happened next

No official action reported No investigation or official finding concerning Cameron's Blairmore shareholding was reported in the sources reviewed.2,3

Being named in a leak is not evidence of wrongdoing, and owning an offshore company can be legal. Each record sets out what was reported, the person's response, and what official action, if any, followed.

What was reported

ICIJ reported that Cameron's father, Ian Cameron, used Mossack Fonseca to register his investment fund Blairmore Holdings in Panama, and controlled the fund from 1982 until his death in 2010.1

Response

Cameron said he and his wife sold their Blairmore shares in January 2010 for 31,500 pounds, that the proceeds were taxed in the normal way and that the fund was not set up to avoid tax, AP reported. He said he did not have anything to hide, NBC News reported.2,3

What happened afterwards

  1. No action reported, None reportedAP reported that there was no suggestion the arrangement was illegal, and neither AP nor NBC News reported any investigation into Cameron.2,3

Sources

  1. ICIJ, Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corruption (3 April 2016)
  2. Global News (Associated Press), Panama Papers: UK's PM Cameron admits to profiting from father's offshore holdings (AP) (7 April 2016)
  3. NBC News, U.K. Prime Minister David Cameron Admits He Profited on Shares of Trust Mentioned in Panama Papers (7 April 2016)