Tax evasion: MEPs back automatic exchange of bank data to track account owners

22 November 2016

The new rules will enable and oblige tax authorities with anti-money laundering responsibilities in any EU country to automatically share information such as bank account balances, interest income and dividends, with their counterparts in other member states.

In its resolution, Parliament says that links between money laundering, the funding of terrorism, organised crime and tax evasion, highlight the need for close cooperation and coordination among EU countries.

Background

The update of Directive 2011/16/EU was tabled by the Commission in July 2016 and was endorsed by member states in September. Parliament’s vote now allows it to enter into force immediately and member states must implement it before the end of 2017.

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