A panel of European Union lawmakers Tuesday proposed requiring the bloc's member-states to collect and share information on firms and trusts whose beneficial owners are required to pay taxes in other member-states. The proposal, which the Committee on Economic and Monetary Affairs (ECON) pitched as an addition to the European Commission's plan to strengthen the bloc's directives against financial crime, is intended to help combat the widespread abuse of legal entities by tax dodgers as exposed by the massive leak of documents this year from Mossack Fonseca, the offshore law firm at the center of the Panama Papers scandal, committee...
Several London-based banks are considering establishing back offices within other European countries to maintain access to the EU market should the United Kingdom's plan to leave the economic bloc go forward.
Britain's historic vote to quit the European Union is likely to result in only modest changes to the country's efforts to fight financial crime and coordinate economic sanctions, at least in the short term.
On the eve of key behind-the-scenes talks on the Fourth European Union Anti-Money Laundering Directive, the rift over proposals for the public register of trusts has widened between the United Kingdom and Europe.
The EU Parliament adopted final recommendations Wednesday that would establish a public prosecutor's office and require member nations to ascertain the beneficial owners of companies incorporated within their jurisdictions.