The role of intermediaries in the EU and in Malta

The Greens/EFA group in the European Parliament has published a report looking at the role of intermediaries (banks, accountants, lawyers) in tax evasion.

The report draws on data from the database, created by the International Consortium of Investigative Journalists using data from the Panama Papers, Bahamas Leaks and Offshore Leaks.

Commenting on the report, Greens/EFA economic and finance spokesperson Sven Giegold said: “This study shows that tax evasion and money laundering are not only the concern of dubious states in the Caribbean. These transactions are made possible by banks, law firms and auditors operating, and often based, here in the European Union. Swiss and Luxembourg firms, as well as French and British institutions, have earned a tidy sum from this kind of business. The governments of member states must initiate an investigation into those firms complicit in tax evasion and money laundering. All those who would assist tax evasion must be effectively regulated and supervised. We are calling for comprehensive and independent monitoring of intermediaries in order to prevent financial institutions assisting tax avoidance and money laundering in third countries. This must apply equally to banks, lawyers, and consultants.”

Alternattiva Demokratika Chairperson Prof. Arnold Cassola, added: “Although the vast majority of the intermediaries named in the leaks have a base in the EU, with the United Kingdom at the forefront, this report is also relevant to Malta. It is because of the crucial roles which intermediaries play in tax evasion and tax avoidance that the representatives of Maltese companies like Nexia BT and EMD Advisory are being asked to testify in the European Parliament Panama Papers investigation committee.”

The study and its key results can be found here: www.greens-efa.eu