European Parliament committee submits that EU countries have failed to fight money laundering and tax evasion

Published: 24 October 2017

The European Parliament’s Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion, which was formed after the Panama Papers leaks (the PANA Committee), has approved its final report.

The PANA Committee observed that a lack of political will among some member states to advance reforms and enforcement has allowed fraud and tax evasion to continue, and  also criticised perceived moves by individual member states at the European Council to block measures for countering tax evasion.

The PANA Committee backed a call for a common international definition of what constitutes an offshore financial centre, tax haven, secrecy haven, non-cooperative tax jurisdiction and high-risk country. It also gave an overwhelming backing to a call for the EC to establish a list, before the end of 2017, of states which are non-cooperative tax Jurisdictions. The PANA Committee also supported a proposal where an entity with any offshore structures must justify the need for such structures to competent authorities.

For further information, please contact Paul Hale.