EU Establishes Special Committee For Financial Crime And Tax Avoidance

; posted on
March 6th, 2018

The European Parliament had its plenary session in Brussel, where it established a new 45-member task force to work on the EU’s Special Committee on Tax Rulings. This task force is a response to the Paradise Papers leak in 2017, and it will also contribute to investigations by the Committee of Inquiry into Money laundering, tax avoidance, and tax evasion.

Task Force

Such a special committee to the Paradise Papers was proposed during the PANA Committee final meeting in November last year. This new committee is going through a 12-months mandate, combatting financial crimes and tax evasion, particularly the tax scandals. “We will put the recent money laundering scandals in Denmark, Estonia, and Latvia at the top of the agenda. Danske Bank, the Latvian ABLV, and the national anti-money laundering authorities have to explain to the Parliament their recent failure to prevent money laundering.

Preventing Scandals

The European Commission, the ECB, and the European Banking Authority must explain what they will do to prevent such scandals from happening again. We will also demand full access to all documents relating to the screening of third countries for the EU’s blacklist of tax havens. The credibility of the blacklist has to be restored,” said Green MEP Sven Giegold of Germany.

The establishment of the task force, however, was not unanimous during the session by all the MEPs. The Maltese MEPs were against it on the ground that the “resources are being wasted”. In addition, the sovereign competence of the EU Member States is another concern for establishing such a committee. Giegold replied that “Now that the committee has been established for a term of one year, PartitNazzjonalista MEPs(the Maltese MEPs) will be doing everything they can to ensure that no harm is done to Malta’s interests and instead focus on financial crimes, corruption, and abuse of power within EU institutions.”

Sources: NEW EUROPE, Malta today

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