View more on these topics

EU paves way for crackdown on tax loopholes


The European Commission has announced plans to further clamp down on offshore tax avoidance and shell companies following the Panama Papers scandal.

The plans will require tax authorities to identify the real owners of offshore funds as well as create new legislation to crack down on lawyers and tax advisers helping clients hide money in offshore islands.

Key proposals include increasing cross-border transparency on beneficial ownership, improving oversight of tax advisers’ activities and strengthening protection for whistleblowers.

European commissioner for tax policy Pierre Moscovici says:“The recent leaks exposed loopholes that still allow tax evaders to hide funds offshore.

“These loopholes must be closed and our measures to stamp out tax abuse must be intensified.We have already come a long way and now is the time to go further. The EU’s tax transparency campaign continues.”

Moscovici said the Commission will publish “robust EU rules to hold tax advisers to account” before his mandate ends in 2019, with a public consultation to start “as soon as possible”.

The commission will also provide an update on its work to promote tax good governance worldwide and in dealing with non-cooperative tax jurisdictions.

EU commissioner for justice, consumers and gender equality Věra Jourová says: “Today, we are putting forward stricter transparency rules to cut terrorist financing and step up our fight against money laundering and tax avoidance.

“The update of the fourth anti-money laundering directive will prevent any loopholes in Europe for terrorists, criminals or anyone trying to play with taxation rules to finance their activities.”



Hargreaves Lansdown founder named in Panama Papers

One of the founders of Hargreaves Lansdown has been named in a leaked database of major offshore investors. Steven Lansdown, who helped to found the business with Peter Hargreaves, departed the business in 2012, and also owns co-owns Bristol Sport, a group which includes Bristol City Football Club. In documents published by the International Consortium […]

FCA logo glass 620x430

FCA questions 44 more firms about Panama Papers

A further 44 financial services firms have been required by the FCA to complete urgent reviews to address possible ties to the law firm at the centre of the Panama Papers scandal. The firms were required to report back to the regulator last weeK. Earlier this month, the FCA wrote to around 20 firms, giving […]


PM admits he owned shares in offshore fund as Panama Papers scandal deepens

Prime Minister David Cameron has admitted holding shares in an offshore fund run by his late father for 13 years. The Prime Minister has been under pressure to disclose his position since his father was implicated in the massive data leak from Panamanian law firm Mossack Fonseca. Until yesterday Number 10 had been prepared only […]

Globe - thumbnail

Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm