EU Lawmakers Call for Mandatory Exchanges of AML Data to Stop Tax Evasion

By Manju Manglani

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...