EU Report Says Banks Should Report Tax Avoidance Schemes

Law360, New York (April 25, 2017, 6:37 PM EDT) — The European Union lost at least €109 billion ($119 billion) in revenue in 2015 as a result of tax avoidance schemes identified during the Panama Papers leak and should expand the scope of anti-money laundering laws to cover banks and law firms, according to two European Parliamentary reports released Monday.

The European Parliament released two studies, commissioned by an investigative committee inquiring into tax avoidance and tax evasion schemes, which concluded that the loss of revenue due to tax havens and offshore financial centers causes direct…

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