EP adopts Special Committee report containing references to Cyprus and “Golden visa” schemes

The European Parliament adopted on Tuesday the conclusions of a report by the Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance (TAX3), that expresses concern over Golden visa schemes and makes particular references to Malta and Cyprus.

The recommendations, adopted by 505 votes in favour, 63 against and 87 abstentions, were prepared over a year by Parliament’s Special Committee. They range from overhauling the system to deal with financial crimes, tax evasion and tax avoidance, notably by improving cooperation in all areas between the multitude of authorities involved, to setting up new bodies at EU and global level.

Among others, the report suggests that the European Commission should start work immediately on a proposal for a European financial police force and an EU financial intelligence unit and urges for setting up an EU anti-money laundering watchdog.

It is also noted that a global tax body should be established within the UN and says that there is a lack of political will in member states to tackle tax evasion/avoidance and financial crime.

Moreover, according to the findings seven EU countries (Belgium, Cyprus, Hungary, Ireland, Luxembourg, Malta and The Netherlands) display traits of a tax haven and facilitate aggressive tax planning. It is added that Golden visas and passports should be phased out, with those offered by Malta and Cyprus singled out for their weak due diligence.

The special committee is chaired by Czech MEP Petr Jezek from ALDE, with co-rapporteurs the Czech MEP Ludek Niedermayer from EPP and the Danish MEP Jeppe Kofod from SandD.

It is noted that the Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance (TAX3) was established on March 1, 2018, following continued revelations over the last five years (Luxleaks, the Panama Papers, Football leaks and the Paradise papers).

A European Parliament announcement says that the report adopted on Tuesday concludes the committee’s year-long mandate, which saw it hold 18 hearings dealing with particular topics of interest, 10 exchange of views with finance ministers and European Commissioners, and four fact-finding missions � to the US, the Isle of Man, Denmark and Estonia, and Latvia.

Source: Cyprus News Agency

EP adopts Special Committee report containing references to Cyprus and “Golden visa” schemes

The European Parliament adopted on Tuesday the conclusions of a report by the Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance (TAX3), that expresses concern over Golden visa schemes and makes particular references to Malta and Cyprus.

The recommendations, adopted by 505 votes in favour, 63 against and 87 abstentions, were prepared over a year by Parliament’s Special Committee. They range from overhauling the system to deal with financial crimes, tax evasion and tax avoidance, notably by improving cooperation in all areas between the multitude of authorities involved, to setting up new bodies at EU and global level.

Among others, the report suggests that the European Commission should start work immediately on a proposal for a European financial police force and an EU financial intelligence unit and urges for setting up an EU anti-money laundering watchdog.

It is also noted that a global tax body should be established within the UN and says that there is a lack of political will in member states to tackle tax evasion/avoidance and financial crime.

Moreover, according to the findings seven EU countries (Belgium, Cyprus, Hungary, Ireland, Luxembourg, Malta and The Netherlands) display traits of a tax haven and facilitate aggressive tax planning. It is added that Golden visas and passports should be phased out, with those offered by Malta and Cyprus singled out for their weak due diligence.

The special committee is chaired by Czech MEP Petr Jezek from ALDE, with co-rapporteurs the Czech MEP Ludek Niedermayer from EPP and the Danish MEP Jeppe Kofod from SandD.

It is noted that the Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance (TAX3) was established on March 1, 2018, following continued revelations over the last five years (Luxleaks, the Panama Papers, Football leaks and the Paradise papers).

A European Parliament announcement says that the report adopted on Tuesday concludes the committee’s year-long mandate, which saw it hold 18 hearings dealing with particular topics of interest, 10 exchange of views with finance ministers and European Commissioners, and four fact-finding missions � to the US, the Isle of Man, Denmark and Estonia, and Latvia.

Source: Cyprus News Agency