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In the EU, they refused bank secrecy

In the EU, they refused bank secrecy

12.02.2018
Tags: EU, Banks, Economy, Offshore, Europe, Taxes

In Europe, the concept of bank secrecy was removed, the account opened in any country immediately becomes known to the tax authorities, said European Commissioner for Economics and Finance Pierre Moskosvici.

"The bank secrecy in Europe is over. If someone owns an account in Switzerland, there is an automatic exchange of information, that is, we immediately know about it, "the European Commissioner said, RIA Novosti reports.

He also recalled that agreements on the exchange of information were signed, in addition to Switzerland, with Liechtenstein, San Marino, Andorra and Monaco.

In 2013, the mandate of the European Commission was approved for negotiating the exchange of banking information with non-EU countries (Andorra, Liechtenstein, Monaco, San Marino and Switzerland) to combat tax evasion. Two years later, the agreement on the automatic exchange of banking information from 2018 year was signed between the EU and Switzerland, Tass reports.

In December 2017, the EU finance ministers officially approved a blacklist of 17 offshore companies, which may be sanctioned in the future. In the official document, the American Samoa, Bahrain, Barbados, Grenada, Guam, the Republic of Korea, Macau, Tunisia, the United Arab Emirates and other countries are on the black list.

Another 47 countries and territories were included in the so-called gray list, including Turkey, Switzerland, Liechtenstein, Serbia, Montenegro, Macedonia, Albania, Bosnia and Herzegovina, Armenia, Thailand, Vietnam, Hong Kong, Uruguay, Peru, Morocco, Jordan and others. These countries and territories promised to eradicate offshore practices in their legislation and ensure financial and tax transparency. The EU expects that most of the states on this list will fulfill their promises by the end of 2018, but developing countries are granted, according to some criteria, a deferral until the end of 2019, the document says.

Alina Nazarova
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