The European Parliament Conference of Presidents, uniting the EP president and political group leaders, agreed on Thursday on a mandate for an inquiry committee to look into the so-called Panama Papers, which revealed detailed information on off-shore companies and their ultimate beneficiaries, the official website of the European Parliament reported. 

The German Suddeutsche Zeitung at the beginning of April has published allegedly documents of the Panama law firm Mossack Fonseca which as the newspaper claims, confirm participation of a number of world leaders and their confidants in offshore schemes. Names of officials of the EU and member countries of the European Union are mentioned in the so-called "Panama Paper", in particular.

The proposal by the Conference of Presidents will be voted by Parliament as a whole on 8 June during the plenary session in Strasbourg.

The Committee is to consist of 65 Members who would be tasked to investigate alleged contraventions and maladministration in the application of Union law with respect to money laundering, tax avoidance and tax evasion by the Commission or Member States. After next week's vote, the Committee will have twelve months to draw up a report.