Today in Strasbourg, the European Parliament gave its green light to a proposal that will allow the exchange of sensitive information which concerns money laundering between tax authorities.

S&D Euro MP and European Parliament’s rapporteur Emmanuel Maurel welcomed today’s vote:
 
“With this new proposal, Europe will make further progress in the fight against tax avoidance and tax evasion. For too long member states have turned a blind eye on tax evasion leaving the circulation of huge flows of funds undetected.
 
“Our tax authorities must be able to access all information in the framework of their investigations. That is why I am very pleased that we achieved in making the exchange of anti-money laundering information between our tax authorities automatic and mandatory.”

S&D Group spokesperson on economic and monetary affairs, Pervenche Berès added:
 
“I am pleased that Europe is moving towards greater tax transparency and cooperation between tax authorities. We invite the Council to follow our lead. The recent Panama Papers revelations confirm the need for the EU to take stronger action against money laundering.”

S&D Group spokesperson of the inquiry committee on the Panama Papers, Peter Simon stressed:
 
“It is only with a maximum of transparency that we can deprive the shadow economy of their business model. That is why the member states have to follow our demands and improve key points of the Commission's proposal.
 
“The exchange of information between tax authorities has to be automatic and the European Commission, as guardian of the Treaties and neutral supervisory authority, needs to have access to this information; because one who weakens transparency, only strengthens the shadow economy."