European lawmakers on Wednesday backed a plan under which lenders in the European Union could see their banking licenses withdrawn for “promoting or enabling” financial crimes or aggressive tax avoidance. The proposal is one of 211 pitched by the European Parliament’s special inquiry into money laundering, tax avoidance and tax evasion, or PANA, following its 18-month inquiry into the Panama Papers, a cache of millions records leaked from global law firm Mossack Fonseca that exposed widespread use of offshore financial centers for both legitimate and criminal purposes. The European Commission, the European Union’s executive branch, has five weeks to respond...
European Parliament issued a draft recommendation to the European Council and the European Commission concerning money laundering, tax avoidance and tax evasion.
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