A new criminal offence is to be brought in for corporations who fail to stop their staff facilitating tax evasion, following the Panama Papers revelations.

The Government has announced this morning that for the first time, companies will be held criminally liable if they fail to stop their employees from facilitating tax evasion.

More details will be revealed later today when the Prime Minister makes a statement to the Commons. David Cameron has come under fire himself since the Panama Papers were released, with questions over a family offshore account with Mossack Fonseca.

At the weekend, Mr Cameron published income and tax payments for the past six years, as he attempted to bring a resolution to the controversy about his finances.

At the March 2015 Budget the Chancellor said the government would be delivering on its pledge to introduce the criminal offence in this Parliament. Today the Prime Minister is confirming that it will be introduced in legislation this year.

Mr Cameron said: "This government has done more than any other to take action against corruption in all its forms, but we will go further.

"That is why we will legislate this year to hold companies who fail to stop their employees facilitating tax evasion criminally liable."

On 12 May, the Prime Minister will host the London Anti-Corruption Summit aimed at stepping up global action to expose, punish and drive out corruption in all walks of life.

The move is part of efforts to clamp down on corruption in all walks of life, the Government said.

It has already confirmed plans to create a cross-agency taskforce to investigate all evidence of illegality that has emerged from the Panama Papers.

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