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Against the background of supply shortages with respect to medical products during the COVID-19 pandemic, and the shift in the international order towards geopolitical rivalry between the US and China, reshoring of production has become a topical issue in the recent EU policy debate. The study discusses economic and political justifications for reshoring with respect to security of supply concerns and the debate on the EU’s strategic autonomy. With reshoring pre-COVID-19 having remained an empirical ...

With taxation constantly in the headlines as one tax leak follows another, the question of which tax jurisdictions are regularly associated with the schemes revealed has gained in importance. Broadly speaking, tax havens provide taxpayers, both legal and natural persons, with opportunities for tax avoidance, while their secrecy and opacity also serves to hide the origin of the proceeds of illegal and criminal activities. One may ask why establishing a list of tax havens is useful. Drawing up such ...

National provisions against tax avoidance and tax evasion, and money laundering laws and their enforcement vary widely from one Member State to the next. This study examines the administrative capabilities of EU Member States when it comes to tackling these challenges and reviews the specific measures they have taken in response to the publication of the Panama Papers. The main objectives are to evaluate whether the legal framework and the institutional configurations in place are adequate, to pinpoint ...

This study addresses the implications and economic impact of several scenarios of the UK leaving the EU in relation to financial services, ranging from a ‘hard Brexit’ without any arrangements concerning financial services to the current state of affairs under the terms of a full EU membership. Special focus is put on a peculiar variation of ‘hard Brexit’, which are the third-country regimes in the current EU secondary legal framework that allow partial access to the EU single market based on ‘equivalence ...

Financial intelligence units (FIUs) are the national structures responsible for the receipt, analysis and dissemination of financial information to combat money laundering and terrorist financing. Given the strong cross-border dimensions of money laundering, the exchange of information across FIUs is key to ensure illicit flows of money are properly detected and subsequently investigated by law enforcement authorities. This study aims to provide a better understanding of the current state of play ...

The Panama papers and further leaks revealed that money laundering and tax evasion are important issues, which often go hand in hand. The major role of offshore centres is to provide secrecy. With this, offshore centres played an important role for hiding illegal activities, criminal identity and criminal ownership of assets right from their start. In the last years, combating tax evasion and money laundering have become politically more important. A ‘hot phase of regulation’ has started initiated ...

As of April 2016, the International Consortium of Investigative Journalists together with numerous reporting partners from around the world, started revealing more than 214,000 offshore entities, connected to people in more than 200 countries and territories, including EU Member States. Following these revelations, commonly known as the Panama Papers, the European Parliament decided to set up a special Committee of Inquiry to investigate alleged contraventions and maladministration in the application ...

'Bahamas leaks' in a nutshell

At a Glance 30-09-2016

On 21 September 2016, the International Consortium of Investigative Journalists (ICIJ) published information on more than 175 000 companies, trusts and foundations registered in the Bahamas. The published data includes the names of directors and some owners of these entities. As with the 'Panama papers', these leaks may shine new light on the practices, policies and measures used by taxpayers and tax jurisdictions – as well as politicians, businesspeople and criminals – which render revenues and ...

The Study analyses whether and to what extent there is a need to legislate with respect to cross-border mergers, cross-border divisions and cross-border transfers of seat (cross-border conversions). Affirming a clear need for such legislation, it is recommended to extend the Cross-Border Mergers Directive into a single Cross-Border Mobility Directive encompassing revised rules on cross-border mergers as well as new rules on cross-border divisions and cross-border transfers of seat for all legal ...

The European Globalisation Adjustment Fund (EGF) was created in 2007. It provides support to people losing their jobs as a result of major structural changes in world trade patterns arising from globalisation or relocation. The US has implemented a similar adjustment scheme known as ‘Trade Adjustment Assistance’ (TAA), which has been operational since 1961. Superficially similar, the EGF and the TAA are in fact very different. The EGF is not part of the EU budget, while the TAA is part of the US ...