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MEPs on the Economic and Monetary Affairs Committee have backed a proposal to allow tax authorities across Europe to automatically share information collected on money laundering, saying the links between money laundering, the funding of terrorism, organised crime and tax evasion and avoidance highlight the need for cooperation and coordination between countries.

The committee voted unanimously by 51 votes with 2 abstentions to back a Council Directive which would allow the tax authorities of one European country to share tax information collected in the context of anti-money laundering investigations, with other member states.

In a report laying out their position, the MEPs said recent tax scandals including “Swissleaks”, “Luxleaks” and the “Panama Papers” were “individual manifestations of a global phenomenon” which “have confirmed the paramount need for greater tax transparency and much closer coordination and cooperation between jurisdictions.

The report will now be put to a plenary vote in November.