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MEPs take their first step to curb corporate secrecy and phantom firms

Sara Jespersen

21 Feb 2014 10:46:33

Yesterday MEPs started getting things right when it comes to cracking down on corruption, corporate abuse and tax dodging. Their support for setting up centralised registries of the real owners of companies, trusts and similar legal structures - and granting public access to that information - is a significant first step. However, this is a long process and many other challenges still persist. The next step is the vote in the plenary of the European Parliament. Afterwards, negotiations will start with the European Commission and the Council (of ministers) - the latter is notoriously torn between the need for change and defending the status quo. Further complicating the situation are national interests which emerge when an issue as sensitive as beneficial ownership is discussed. The price ...

Delayed EP vote crucial for corporate transparency

Sara Jespersen

07 Feb 2014 10:31:58

After delaying the decision for another month while debating a potential compromise, this Thursday MEPs will finally cast their vote on new rules which will be crucial for corporate transparency. As soon as the Anti-Money Laundering Directive came up for review in 2012, Eurodad spelled out the improvements that could be made. In 2014 they still centre on the urgent need for information about who owns and controls European companies, trusts and other legal instruments which should be made public, preferably online, and in an open data format. This will have enormous benefits not just for fighting crime, but also for stemming the illicit outflow of much-needed resources from developing countries. Taxation encourages citizens to hold the state to account leading to better governance - as does ...

A long way to go – EU failing to fight tax dodging

Sara Jespersen

16 Dec 2013 15:21:19

Following an intense stream of tax haven scandals last spring, the EU leaders met in May this year and promised to tackle the issue of tax dodging. This week, they meet again to discuss progress made. Eurodad - along with our partners across Europe - are calling for EU leaders to start taking the problem seriously. Our report “Giving with one hand and taking with the other – Europe’s role in tax-related capital flight from developing countries 2013” finds that European member states are  missing important opportunities to increase transparency and public accountability. While a huge amount of euros are leaving Europe and the poorest countries in the world, European leaders fail to meet this challenge and match their political rhetoric with actions.   Eurodad argues ...