EP delegation looking into financial crime concludes visit to Washington DC
MEPs from the Financial Crimes, Tax Evasion and Tax Avoidance Committee (TAX3) has just concluded a visit to Washington.
Over three days, the 8-strong delegation met representatives from the Treasury and Justice Departments, Congress, the Financial Crimes Enforcement Network, the IMF and World Bank, as well as ICIJ journalists, and representatives of Apple.
Discussions focussed on the transatlantic cooperation in the fight against financial crimes and tax evasion as well as how to improve transparency on tax and beneficial ownership at international and OECD level.
Reacting after the meeting committee chair Petr Ježek (ALDE, CZ) said: "No single country, whatever its size can act alone and succeed in the fight against money laundering and tax evasion. This mission has helped the Tax3 delegation to better understand the current position of our US interlocutors and will help to build solutions at international level. It has confirmed common interests on both sides of the Atlantic and the need to work closely together to address global challenges."
Co-draftsperson, Luděk Niedermayer (EPP, CZ) said: “International corporate tax system needs to be overhauled, notably when it comes to the attribution of taxation rights of giant tech companies. We have diverging views with our US interlocutors on the interpretation and relevance of the principle according to which taxation should take place where value is created. Consumers also create value to companies.”
The second co-draftsperson, Jeppe Kofod (S&D, DK) said: "The fight against money laundering at global level cannot afford any weakness. It is time to put an end to shell companies incorporated in Delaware, Wyoming or Nevada. I was pleased to hear that US interlocutors share the view that things need to change when it comes to transparency of companies’ owners."
The delegation was composed of:
Petr JEŽEK, Chair, (ALDE, CZ)
Luděk NIEDERMAYER, Co-Rapporteur, (EPP, CZ)
Jeppe KOFOD, Co-rapporteur, (S&D, DK)
Ivan ŠTEFANEC, (EPP, SK)
Paul TANG, (S&D, NL)
Wolf KLINZ, (ALDE, DE)
Sven GIEGOLD, (Greens, DE)
Barbara KAPPEL, (ENF, AT)
Following continued revelations over the last five years (Luxleaks, the Panama Papers, Football leaks and the Paradise papers), the European Parliament decided to establish a Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance (TAX3), on 1 March 2018. During its twelve-month mandate, the committee will examine and assess whether further progress has been made in combatting financial crimes, tax evasion and tax avoidance. To do this, numerous hearings with experts and fact-finding missions are being organised regularly. The committee will conclude its work with a report containing its findings and recommendations.