Europe Moves Toward Tax Evasion Clampdown

Nine countries back proposal for automatic sharing of bank details.

The European Union moved closer to agreement on a coordinated clampdown on tax evasion as a total of nine countries backed an initiative for automatic sharing of bank details across borders.

The bloc’s six biggest nations won support from the Netherlands, Belgium and Romania for their proposal to adopt the U.S.’s FATCA information-exchange program, EU Tax Commissioner Algirdas Semeta said in Dublin Friday. Semeta also said the 27-nation EU is closing in on updates to a savings tax accord as holdouts Luxembourg and Austria show willingness to compromise.

Tax Paradise

Austrian Finance Minister Maria Fekter lashed out in front of reporters at the U.K. for harboring “money-laundering paradises” and said the U.S. needs to reciprocate any European initiative by handing over information from the “tax havens” of Delaware and Nevada. Still, she didn’t voice opposition to plans in the meeting, Semeta said.

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