Isle of Man Government defends 'tax haven' status after Panama leaks

Mossack Fonseca reportedly has over 300,000 companies globally, half of which are based in British Crown Dependencies like the Isle of Man Credit: ITV

The Isle of Man has been named in what is being called the biggest data leak to date.

German newspaper Suddeutsche Zeitung, the International Consortium of Investigative Journalists and more than 100 news organisations in 80 countries published findings of a report into Panama-based financial firm Mossack Fonseca, which manages offshore accounts.

Over 11.5 million files were discovered to contain information about more than 214,000 offshore corporations, revealing some of the world's richest to be dodging tax and laundering money.

References to bribery, corruption, violating business sanctions and criminal enterprises are mentioned in the files.

Among those named are alleged associates of President Vladimir Putin, David Cameron's father Ian Cameron, President Sigmundur Davíð Gunnlaugsson of Iceland and Petro Poroshenko of Ukraine.

The Crown Dependencies, including the Isle of Man, Jersey and Guernsey are stressing the differences in tax regulation between themselves and other overseas territories, emphasising that their own management is better maintained.

Whilst tax avoidance is considered legal, the morality of those who take part has been questioned.

Mossack Fonseca claim to have operated beyond reproach for 40 years and never been accused or charged with criminal wrong-doing.

David Cameron's father Ian Cameron is among those mentioned in the leaks Credit: PA