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Petr Ježek
Born in Prague in 1965. A graduate of Prague’s University of Economics, Petr Ježek joined his country’s Ministry of Foreign Affairs and served as a diplomat. For some ten years, he held relatively high posts related to the country’s ties with the EU, e.g. heading the Foreign Ministry’s European Integration Department and serving as Deputy State Secretary for European Affairs. He also worked as chief of staff of then Czech Prime Minister Vladimír Špidla. In 2014, Petr Ježek was elected Member of the European Parliament on the ballot of the ANO 2011 party.
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Petr Ježek on Tuesday addressed a public hearing held by the European Parliament’s PANA committee, set up to investigate revelations of the Panama Papers scandal.
Eight journalists and members of the International Consortium of Investigative Journalists (ICIJ) participated in the hearing. They spent over a year investigating the leaked documents and revealed the problematic yet common practice of using offshore companies to engage in activities such as tax evasion, money laundering, or corruption.
“The hearing gave us a more detailed insight into the revelations of the Panama Papers. I would like to thank the journalists who made it clear to us that this shady money flows run right under our noses and that their revelations are only the tip of the iceberg,” Petr Ježek said.
The 11.5 million of leaked Panama documents exposed an intricate web of companies, offshore shells and money flows. “That’s why I expect strong reluctance from all those interested in keeping this profitable but opaque business up and running. But we are very determined to keep this issue high on the agenda. We owe this to the European taxpayers,” Petr Ježek added.
The unpaid taxes, estimated to reach up to 180 billion euro annually, and the money used to bail out some implicated banks in effect hurts regular taxpayers and ordinary citizens. This underlines the moral dimension and the necessity to regulate the offshore industry.
According to the journalists, a solution to the problem could consist of establishing a joint register of beneficial owners, stronger and harmonised regulation on intermediary entities such as banks and lawyers, enhanced collaboration between member states and the media, as well as increased political pressure on tax-friendly jurisdictions in third countries.
The magnitude of the challenge is even more evident bearing in mind the widespread practice of “fake” directors, insatiable appetite of implicated actors in preserving the offshore industry, and heterogeneous nature of tax inspection practices across member states.
Petr Ježek is a co-rapporteur of the special Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA), which was established in June 2016 following the Panama Papers revelations.
Its main task is to review the activities of EU institutions and member states in the areas of money laundering, tax avoidance, and tax evasion, and to suggest legislative proposals to crack down on illegal activities in the offshore industry.