The end of bank secrecy a step forward in the fight against tax evasion

The end of bank secrecy a step forward in the fight against tax evasion

 

S&D Euro MPs today welcomed the decision by EU finance ministers to end banking secrecy.

S&D Group vice-president responsible for economic and monetary affairs Maria João Rodrigues MEP said:

"The end of banking secrecy through the automatic exchange of information between national tax administrations is a major breakthrough in the fight against tax fraud.

"In recent years the Socialists and Democrats have led the campaign against tax fraud and tax evasion which represents a €1000 billion loss for EU member states each year.

"Further progress is needed however, if Europe wants to be even more efficient in combating tax fraud and evasion. In particular, we call for strong action against aggressive tax planning by large companies and an end to tax havens."

Eva Kaili MEP, rapporteur for the Annual Taxation Report said:

"Abolishing banking secrecy is the key to a healthy, democratic and accountable economy. It is vital that all loopholes for shadow banking, money laundering and tax havens are closed so that we can move on from the crisis and focus on creating sustainable growth and jobs under the right conditions."