The European Parliament has voted to approve the Commission’s proposed amendment to the administrative cooperation directive, giving tax authorities access to data provided to member states under EU anti-money laundering rules. This includes customer due diligence information on bank account balances, interest income and dividends, as well as details of beneficial ownership.
Approval by the EU Parliament allows the directive to enter into force immediately and member states must implement it before the end of 2017. See http://bit.ly/2f1YON4.
This new measure, obliging tax authorities with anti-money laundering responsibilities to share information automatically with their counterparts in other member states, was put forward by the Commission in July 2016 as part of a tax transparency package issued in response to the ‘Panama papers’ revelations (see http://bit.ly/29iRv1I). Other measures proposed in the package included amendments to the anti-money laundering directive to extend the range of information available to tax authorities; taking forward work on greater oversight of tax advisers; screening of uncooperative tax jurisdictions; and increasing protection for whistle-blowers.
The European Parliament has voted to approve the Commission’s proposed amendment to the administrative cooperation directive, giving tax authorities access to data provided to member states under EU anti-money laundering rules. This includes customer due diligence information on bank account balances, interest income and dividends, as well as details of beneficial ownership.
Approval by the EU Parliament allows the directive to enter into force immediately and member states must implement it before the end of 2017. See http://bit.ly/2f1YON4.
This new measure, obliging tax authorities with anti-money laundering responsibilities to share information automatically with their counterparts in other member states, was put forward by the Commission in July 2016 as part of a tax transparency package issued in response to the ‘Panama papers’ revelations (see http://bit.ly/29iRv1I). Other measures proposed in the package included amendments to the anti-money laundering directive to extend the range of information available to tax authorities; taking forward work on greater oversight of tax advisers; screening of uncooperative tax jurisdictions; and increasing protection for whistle-blowers.
