During the European Council meeting on October 11, the Council adopted conclusions on tax transparency in response to a Commission communication on tax transparency following the April 2016 Panama Papers revelations.
The conclusions highlight the continued need to prevent the large-scale concealment of funds, which hinders efforts to clamp down on tax evasion, money laundering and terrorist financing.
In its July 2016 communication, the Commission recommended a coordinated approach to preventing tax abuse, at both EU and international levels. Whilst progress has been made at EU level, loopholes remain and further action is envisaged, the Council has informed.
The Council also welcomed the initiative for the automatic exchange of information on ultimate beneficial owners and invites the Commission to analyse the possibility for a proposal on improving the cross-border access to information on ultimate beneficial owners on the basis of the ongoing work at international level.
The Council also approved a taxation agreement with Monaco, giving tax administrations improved cross-border access to information on the financial accounts of each other's residents.
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