Kenneth Rijock

Kenneth Rijock

Wednesday, June 22, 2016

EUROPEAN PARLIAMENT SETS UP COMMITTEE OF INQUIRY ON MONEY LAUNDERING AND TAX EVASION


In the wake of the Panama Papers disclosures, the European Parliament has announced the formation of  Committee of Inquiry, examining EU members' actions on money laundering, and tax evasion. Readers who wish to read the complete text of the relevant documents can do so here. Mossack Fonseca is specifically named in the Statement.

For the record, the members of the European union that have designated the Republic of Panama as a tax haven are:

France
Bulgaria
Croatia
Greece
Latvia
Lithuania
Poland
Portugal
Slovenia

Compliance officers at financial institutions located in those countries are required to take the designation into account when calculating Country Risk for Panama, and when regularly considering whether or not to implement enhanced due diligence inquiries on specific transactions, and clients.

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