Panama papers: Brics working to get bank details

The Brics nations are in the process of getting bank account details of companies, that were named in the infamous Panama papers, from other countries, Revenue Secretary Hasmukh Adhia said today.
The issue was discussed in the two-day meeting of the Brics heads of revenue here, he said.
"The problem each country is facing in the Panama papers is that while registrations of these entities are in Panama, most of these entities are not having their bank accounts or their business enterprises in that country.
"All these Panama-based entities have their bank accounts in some other country and so all of us are trying to get information from those countries where these accounts are based," Adhia told reporters here today.

Stating that all the Brics countries are facing the similar experience, "so information exchange agreement has been invoked by all countries to get information from those countries," Adhia said.
The secretary said a few advanced countries have responded well to the demand but in some cases there are some time lags.