Yahoo – AFP,
April 14, 2016
Washington (AFP) - Europe's five leading economies called Thursday for a crackdown on tax havens, urging the G20 powers to end the secrecy of shell companies that enables tax evasion and money laundering.
Washington (AFP) - Europe's five leading economies called Thursday for a crackdown on tax havens, urging the G20 powers to end the secrecy of shell companies that enables tax evasion and money laundering.
In the
strongest reaction yet to the leaked "Panama Papers," the finance
ministers of Britain, France, Germany, Italy and Spain also proposed a
blacklist of havens like Panama if they do not share corporate registry data
with others.
They proposed
establishing transnational registries that identify the beneficial owners of
companies, trusts, foundations and other entities that had been able to hide
from tax administrators and law enforcement.
"We
want to have lists which make it possible to place sanctions on countries which
don't respect the rules," said French Finance Minister Michel Sapin.
The
proposal of the five was to be submitted to the finance ministers of the G20
meeting in Washington on Thursday and Friday.
"The
recent extensive leaks from Panama show the critical importance of the fight
against tax evasion, aggressive tax planning and money laundering," the
five said.
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