EU shines light on dirty money with new tax rules
Source: Reuters
The EU has agreed rules to stamp out tax evasion and stop dirty money from criminal gangs or terrorism finance being channelled through anonymous companies.
EU states and the European parliament struck the agreement on Tuesday to update anti-money laundering rules, a statement from the parliament’s economic affairs committee said on Wednesday.
The aim is to stop anonymous or shell companies being used to finance terrorism, launder money from criminal activity or evade taxes. Central registers will be set up listing the beneficial owners of companies, trusts and other legal entities, giving the name, month and year of birth, nationality and residency of the people who own and profit from them. Banks, accountants, lawyers, real estate agents and casinos will also be required to be more vigilant about suspicious transactions made by customers.
“Creating registers of beneficial ownership will help to lift the veil of secrecy of offshore accounts and greatly aid the fight against money laundering and blatant tax evasion,” said Krisjanis Karins, an EU lawmaker who helped to negotiate the deal.
Read more: http://www.theguardian.com/global-development/2014/dec/17/eu-tax-evasion-dirty-money-laundering
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- So if they wipe out the crime they may have to raise taxes.......
