Answer given by Mr Moscovici on behalf of the Commission

29.6.2016

The global standard for automatic exchange of financial account information, implemented in the EU by the directive on Administrative Cooperation, was loosely based on the US Foreign Account Tax Compliance Act (FATCA). The differences between the two as regards the information to be reported are minimal and derive mainly from the differences between the implementation via bilateral agreements (FATCA) and via a multilateral approach (global standard), as well as the wider international context of the latter. In particular, some thresholds included in the FATCA agreements were not included (or were reduced) in the global standard, making the latter more comprehensive.

Reportable accounts include accounts held by individuals and entities, and there is also a requirement to look through passive entities, such as trusts, to report on the individuals that ultimately control these entities. The Commission is already looking into possible enhancements of the anti-money laundering (AML) legal framework and its implementation, in order to further increase transparency and anti-money laundering requirements around corporate structures and arrangements.

As regards tax havens, the EU is now working on a common EU list which will assess third countries against all tax good governance criteria (i.e. fair taxation, transparency, AML provisions).