"In the wake of several tax evasion scandals, including the ‘Panama Papers’ revelations, Parliament has backed [European] Council’s position, and given the go ahead, by 590 votes to 32, with 64 abstentions, for tax authorities across Europe to automatically share information about bank account holders," the press release said.
The new rules will oblige tax authorities responsible for countering money laundering in any EU country to automatically share information on bank account balances, interest income and dividends, with their counterparts in other member states.
"In its resolution, Parliament says that links between money laundering, the funding of terrorism, organised crime and tax evasion, highlight the need for close cooperation and coordination among EU countries," the press release said.
