As of 1st January 2018 the provisions of Directive on Administrative Cooperation (Directive 2011/16/EU) entered into force, according to which national tax authorities have direct access to information on beneficial owners of companies, trusts and other entities, as well as customer due diligence records of companies. It is anticipated that access to these data collected under anti-money laundering legislation will enable authorities to react quickly and efficiently to cases of tax evasion and avoidance.
New EU Money Laundering Laws Welcomed
Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said on the issue: “We want to give tax authorities crucial information on the individuals behind any company or trust. This is essential for them to be able to identify and clamp down on tax evaders. To do this, tax authorities will now have access to anti-money laundering information”.