European leaders are scrambling to tighten rules on tax evasion this week as the Panama Papers data dump continues to cause political shockwaves around the world.
David Cameron, the U.K.'s prime minister, is expected to announce measures to combat tax avoidance on Monday and meanwhile Germany and France's finance ministers have vowed to tighten rules against tax havens.
The initiatives come as the European Union's vice-president for Jobs, Growth and Competitiveness likened tax avoidance to a "cancer" that had to be tackled.
"It's a bad disease, it's a cancer of market economies," Jyrki Katainen told CNBC on the sidelines of the Ambrosetti workshop in Italy this weekend.
"The market economy is a fantastic tool to create wealth and to give all citizens the opportunity to distribute the wealth in a fair manner but if you only want to take the fruits and not pay your liabilities in terms of taxes then it's not fair and it's a cancer," he said.