OECD chief Angel Gurría
'Paradise Papers' tax practices becoming thing of the past, says OECD Secretary General Angel Gurría Reuters

Tax practices of the wealthy and powerful sensationally laid bare in the 'Paradise Papers' revelations are becoming a thing of the past, according to the Secretary General of the OECD.

Speaking at the Confederation of British Industry's annual conference in London on Monday (6 November), Angel Gurria said the revelation of offshore investment documents by companies and individuals and the alleged practices outlined in them are dying out.

"When we're talking about the Panama Papers, or the Paradise Papers, we're talking about a legacy that is fast disappearing.

"This could not be repeated anymore because of the joint work that you, your governments and the OECD have done in the last few years," Gurria said.

The OECD boss also reiterated his stance that Brexit was hurting the UK economy.

Gurria told CBI delegates it was apparent the vote to leave the European Union had hit growth, sending the UK from the fastest growing major economy in the developed world to the slowest.