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    A logo of German publisher Sueddeutsche Verlag of German daily Sueddeutsche Zeitung is pictured in front of the main building in Munich, southern Germany, on April 5, 2016

    Stricter Controls Over Banking System Needed to Prevent Tax Avoidance

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    #PanamaPapers: Biggest Ever Offshore Leaks (94)

    Marco Zanni, an Italian member of the European Parliament said that stricter control over the banking system, over financial transactions and over the flows of money could be a serious option to prevent tax avoidance and tax cheats.

    MOSCOW (Sputnik) — Stricter control over the banking system is required to prevent tax avoidance and tax cheats, an Italian member of the European Parliament who sits on the Special Committee on Tax Rulings and Other Measures Similar in Nature or Effect (TAXE 2) told Sputnik Friday.

    Following the Panama Papers revelations, the European Parliament set up Thursday a committee to investigate into the use of offshore accounts.

    "I believe that stricter control over the banking system, over financial transactions and over the flows of money could be a serious option. All the flows of money — legal and illegal — pass through the banking system: if the EU will be able to impose more transparency on the banking system, authorities could track all the flows and easily check if this represents a legal transaction or not," Marco Zanni, representing the Five Star Movement, said.

    He stressed that another option is to impose strict sanctions, up to the suspension of the license to operate in the European Union, on the EU banks not compliant with the transparency rules.

    Earlier in April, the German newspaper Sueddeutsche Zeitung exposed the alleged involvement of the world's wealthy including a number of former and current leaders, in offshore schemes by publishing materials it claimed came from Mossack Fonseca, a Panama firm selling offshore companies.

    #PanamaPapers: Biggest Ever Offshore Leaks (94)


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