EUROPEAN PARLIAMENT REPORT ACCUSES 7 COUNTRIES, INCLUDING CYPRUS, OF ACTING AS TAX HAVENS AND CRITICISES UK CROWN DEPENDENCIES AND OVERSEAS TERRITORIES

On 26th March, Ekathimerini in Greece reported on  a “hard-hitting” report which also accused 7 EU countries of acting as tax havens: Luxembourg, Cyprus, Ireland, Malta, Hungary, Belgium and the Netherlands.  The report urged EU member states to curb money laundering in the bloc by ending programmes to sell visas and passports. The report is the result of a year’s work by the Parliament’s committee on financial crime and tax evasion, and has now been adopted by the whole assembly, boosting its political weight, though it remains non-binding.  The report called for stricter rules and supervision to counter money laundering in the face of the series of scandals which hit several banks, noting that the latest overhauls maintained several loopholes in the EU legal framework.  It also urged the Commission to assess money- laundering risks posed by legal arrangements such as special purpose vehicles and non-charitable purpose trusts, especially in Britain and its Crown Dependencies and Overseas Territories.

http://www.ekathimerini.com/238910/article/ekathimerini/news/european-parliament-report-accuses-seven-countries-including-cyprus-of-acting-as-tax-havens

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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