Friday, January 5, 2018
EU tax authorities have gained the right to access data collected by other states under anti-money laundering legislation, following the entry into force of new rules on January 1.
Under the Directive on Administrative Cooperation, authorities with anti-money laundering responsibilities in any EU member state will be required to automatically share certain information.
This will mean that national tax authorities will obtain direct access to information on the beneficial owners of companies, trusts, and other entities, along with information on bank account balances, interest income, and dividends. They will also have access to the customer due diligence records kept by companies.
EU Tax Commissioner Pierre Moscovici said: "We want to give tax authorities crucial information on the individuals behind any company or trust. This is essential for them to be able to identify and clamp down on tax evaders."
"To do this, tax authorities will now have access to anti-money laundering information."
The new rules were originally agreed to by the European Council in December 2016.