EU Administrative Powers Told to Concentrate Efforts Inside EBA

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Under new European Commission recommendations, going forward, all tax avoidance enforcement bodies overseeing European financial institutions have to focus their efforts inside the European Banking Authority.

The Vice President of the EC made a controversial announcement stating that tax evasion supervision ‘has flopped on numerous accounts as per European standards’ and as a result of this, national money laundering supervisors should focus their efforts on complying with EU standards, as a minimum.