EU-US Trade and Investment Relations: Effects on Tax Evasion, Money Laundering and Tax Transparency

EU-US Trade and Investment Relations: Effects on Tax Evasion, Money Laundering and Tax Transparency
Author: Isabelle Ioannides
Publisher:
Total Pages: 35
Release: 2017
Genre: Double taxation
ISBN: 9789284606931
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This Ex-Post Impact Assessment analyses the EU-US trade and investment relations to assess whether and, if so, to what extent these relations have impacted on issues related to tax evasion, money laundering and tax transparency. The EU and US economies are highly intertwined, generating together half the world's gross domestic product and more than 30% of global trade. Overall, trade and investment relations between the European Union and the USA do not seem to have impacted on US efforts to combat tax evasion, strengthen anti-money laundering legislation, and its implementation, and boost tax transparency. While some progress was made on the ongoing negotiation of the Transatlantic Trade and Investment Partnership (TTIP), which also aims to establish regulatory cooperation between the EU and the USA on financial services, progress has been below expectations. The USA has set up mechanisms for information exchange with EU Member States, has signed tax treaties with almost all EU Member States, and has developed a robust legal framework to address money laundering and combat terrorism financing. Despite being largely compliant with the recommendations of the Financial Action Task Force, challenges remain on questions of beneficial ownership, cross-border exchange of information, privacy issues, and designated nonfinancial businesses and professions.

Combating Fiscal Fraud and Empowering Regulators

Combating Fiscal Fraud and Empowering Regulators
Author: Brigitte Unger
Publisher: Oxford University Press
Total Pages: 369
Release: 2021
Genre: Business & Economics
ISBN: 0198854722
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This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Combating Fiscal Fraud and Empowering Regulators analyzes the impact of new international tax regulations on the scope and scale of tax evasion, tax avoidance, and money laundering. These are analyzed through an ecosystem framework in which, similar to a natural ecosystem, new tax regulations appear as heavy shocks to the tax ecosystem, to which the 'species' such as countries, corporations, and tax experts will react by looking for new loopholes and niches of survival. By analyzing the impact of tax reforms from different perspectives--a legal, political science, accounting, and economic one--one may derive an assessment of the reforms and policy recommendations for an improved international tax system. The ultimate goal is to combat fiscal fraud and empower regulators, in that line, this volume is intended for a broad audience that seeks to know more about the latest state of the art in the realm of taxation from a multidisciplinary perspective. The money involved amounts to billions in unpaid taxes that could be better used for stopping hunger, guaranteeing education, and safeguarding biodiversity, hence making this world a better one. Regulators can see this book as a guiding light of what has happened in the past forty years, and how the world has and will continue to change as a result of it. Combating Fiscal Fraud and Empowering Regulators is also a warning about new emerging tax loopholes, such as freeports or golden passports and visas, where residency can be bought in tax havens, even within the European Union. The main message is that inequality can and has to be reduced substantially and that this can be achieved through a well-working international tax system that eliminates secrecy, opaqueness, and tax havens.

Tax Evasion, Money Laundering and Tax Transparency in the EU Overseas Countries and Territories

Tax Evasion, Money Laundering and Tax Transparency in the EU Overseas Countries and Territories
Author: Isabelle Ioannides
Publisher:
Total Pages: 175
Release: 2017
Genre: Money laundering
ISBN: 9789284608195
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This study aims to present the legal, political and institutional framework governing offshore practices in the Overseas Countries and Territories (OCTs) of the European Union, which fall under the sovereignty of four Member States: Denmark, France, the Netherlands and the United Kingdom. It contains an opening analysis that defines the key concepts, including tax evasion, money laundering and tax transparency; outlines the scope of the study (to differentiate the OCTs from other places often mentioned within the context of offshore financial services); and briefly describes the particular case of Greenland. In addition, a comparative analysis of the legal, political and institutional framework governing EU relations with and within the respective OCTs is complemented by an overview of the EU framework and opportunities for action. This aspect can be of significance, especially in view of the UK's announced withdrawal from the European Union. The detailed annexed contributions covering the OCTs under French, Dutch and British rule, and which constitute a basis for this analysis, were written by external experts.

The Inclusion of Financial Services in EU Free Trade and Association Agreements

The Inclusion of Financial Services in EU Free Trade and Association Agreements
Author: Isabelle Ioannides
Publisher:
Total Pages: 275
Release: 2016
Genre:
ISBN:
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This study examines the implementation and effects of the inclusion of financial services in existing EU free trade and association agreements (FTAs) and, in particular, their impact on money laundering, tax evasion and avoidance. The opening analysis outlines the geopolitical and trade context, as well as the EU policy framework to combat money laundering, tax evasion and avoidance. It examines the effects of the 'Panama Papers' leaks; assesses the consequences of tax evasion and money laundering and their link to trade in Africa; evaluates the implementation of the EU-Central America Agreement; and provides a synthesis of the key findings and policy recommendations presented in the annexed study. The annexed expertise investigates the implementation and effects of financial services provisions in selected EU FTAs with third countries, with a particular focus on their propensity to curb money laundering, tax evasion and elusion. It concludes that the liberalisation of trade in goods and services with developing countries increases the threat of money laundering, and that it is therefore likely to contribute to an increase in illicit financial flows from developing countries to the EU. The study does not find conclusive statistical data to support a causal link between the EU FTAs that are in force and an increase in illicit financial flows. Nonetheless, the far-reaching commitments made by the EU and the developing countries in the selected EU FTAs regarding access to the markets for goods and services, including in the financial services sector, translate into such agreements significantly increasing trade openness, and hence also the threat of money laundering facing developing countries. To remedy these threats, the study provides a number of policy recommendations.

Illicit Finance and the Law in the Commonwealth Caribbean

Illicit Finance and the Law in the Commonwealth Caribbean
Author: Rohan D. Clarke
Publisher: Taylor & Francis
Total Pages: 228
Release: 2022-11-18
Genre: Law
ISBN: 1000785963
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This book provokes fresh ways of thinking about small developing States within the transnational legal order for combating money laundering and the financing of terrorism and proliferation (TAMLO). From the global wars on drugs and terror to journalistic exposés such as the ‘Paradise’, ‘Panama’ and ‘Pandora’ Papers, the Commonwealth Caribbean has been discursively stigmatised as a mythical island paradise of ‘rogue’ States. Not infrequently, their exercise of regulatory self-determination has been presented as the selling of their economic sovereignty to facilitate shady business deals and illicit finance from high-net-worth individuals, kleptocrats, tax-dodgers, organised crime networks and terrorist financiers. This book challenges conventional wisdom that Commonwealth Caribbean States are among the ‘weakest links’ within the global ecosystem to counter illicit finance. It achieves this by unmasking latent interests, and problematising coercive extraterritorial regulatory and surveillance practices, along the onshore/offshore and Global North/South axes. Interdisciplinary in its outlook, the book will appeal to policymakers, regulatory and supervisory authorities, academics and students concerned with better understanding legal and development policy issues related to risk-based regulatory governance of illicit finance. The book also provides an interesting exposition of substantive legal and policy issues arising from money laundering related to corruption and politically exposed persons, offshore finance, and offshore Internet gambling services.

Illicit Financial Flows from Developing Countries Measuring OECD Responses

Illicit Financial Flows from Developing Countries Measuring OECD Responses
Author: OECD
Publisher: OECD Publishing
Total Pages: 128
Release: 2014-04-23
Genre:
ISBN: 9264203508
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This publication identifies the main areas of weakness and potential areas for action to combat money-laundering, tax evasion, foreign bribery, and to identify, freeze and return stolen assets.

Tax Morale What Drives People and Businesses to Pay Tax?

Tax Morale What Drives People and Businesses to Pay Tax?
Author: OECD
Publisher: OECD Publishing
Total Pages: 68
Release: 2019-09-11
Genre:
ISBN: 9264755020
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Unlocking what drives tax morale – the intrinsic willingness to pay tax – can greatly assist governments in the design of tax policies and their administration, particularly in developing countries where compliance rates are low. This report builds on previous OECD research to identify some of the key socio-economic and institutional drivers of tax morale across developing countries, and seeks to test for evidence of the social contract by examining the impact of public services on tax morale. It also uses new data on tax certainty as an entry point to explore tax morale in businesses, where existing research is very limited. Finally, the report identifies a range of factors related to the tax system that may affect business decision making, how they vary across regions, and suggests some areas for future research. Overall, the report provides a range of suggestions for further work, and how tax morale considerations can be integrated into holistic tax compliance strategies.

Standard for Automatic Exchange of Financial Account Information in Tax Matters, Second Edition

Standard for Automatic Exchange of Financial Account Information in Tax Matters, Second Edition
Author: OECD
Publisher: OECD Publishing
Total Pages: 326
Release: 2017-03-27
Genre:
ISBN: 9264267999
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This publication contains the following four parts: A model Competent Authority Agreement (CAA) for the automatic exchange of CRS information; the Common Reporting Standard; the Commentaries on the CAA and the CRS; and the CRS XML Schema User Guide.

World Development Report 2017

World Development Report 2017
Author: World Bank Group
Publisher: World Bank Publications
Total Pages: 605
Release: 2017-01-23
Genre: Business & Economics
ISBN: 1464809518
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Why are carefully designed, sensible policies too often not adopted or implemented? When they are, why do they often fail to generate development outcomes such as security, growth, and equity? And why do some bad policies endure? World Development Report 2017: Governance and the Law addresses these fundamental questions, which are at the heart of development. Policy making and policy implementation do not occur in a vacuum. Rather, they take place in complex political and social settings, in which individuals and groups with unequal power interact within changing rules as they pursue conflicting interests. The process of these interactions is what this Report calls governance, and the space in which these interactions take place, the policy arena. The capacity of actors to commit and their willingness to cooperate and coordinate to achieve socially desirable goals are what matter for effectiveness. However, who bargains, who is excluded, and what barriers block entry to the policy arena determine the selection and implementation of policies and, consequently, their impact on development outcomes. Exclusion, capture, and clientelism are manifestations of power asymmetries that lead to failures to achieve security, growth, and equity. The distribution of power in society is partly determined by history. Yet, there is room for positive change. This Report reveals that governance can mitigate, even overcome, power asymmetries to bring about more effective policy interventions that achieve sustainable improvements in security, growth, and equity. This happens by shifting the incentives of those with power, reshaping their preferences in favor of good outcomes, and taking into account the interests of previously excluded participants. These changes can come about through bargains among elites and greater citizen engagement, as well as by international actors supporting rules that strengthen coalitions for reform.

Tax Us If You Can

Tax Us If You Can
Author: Tax Justice Network-Africa
Publisher: Fahamu/Pambazuka
Total Pages: 95
Release: 2011-10-20
Genre: Business & Economics
ISBN: 0857490427
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This short introduction to issues of tax justice explains the meaning and causes of tax injustice and offers options for a better future. Providing insight into the specific failures of Africa s tax systemand the associated problems of capital flight, tax evasion, tax avoidance, and tax competitionthis book explores the role of governments, parliaments, and taxpayers, and asks how stakeholders can help achieve tax justice. Arguing that tax revenues are essential for establishing independent states of free citizens, it demonstrates how the tax consensus promoted by multilateral agencies, such as the World Bank and the International Monetary Fund, has influenced tax policy in Africa and led to a reduction in government revenues in many countries. "