Guest view: The US should stop helping criminals hide money
Editorial Board
For all its unilateral tendencies, the U.S. typically isn’t known as a rogue state. But in one area it has come close: By failing to share information with other countries, it has thwarted global efforts to track down tax cheats, money launderers and terrorists efforts that it once led.
Congress has just taken a step in the right direction by supporting provisions attached to the 2021 National Defense Authorization Act that would require certain U.S. companies to report their beneficial owners to Treasury. (President Donald Trump has threatened to veto the bill for unrelated reasons, but the measure seems to command veto-proof support.) This effort is welcome, but there’s a lot more to do.
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EU Council Directive 2018/822/EU (“DAC6”) imposes
mandatory reporting of cross-border arrangements affecting at least
one EU Member State that fall within one of a number of broad
categories, referred to as ‘hallmarks . These hallmarks
set out particular characteristics identified as being potentially
indicative of aggressive tax planning in respect of which tax
authorities now wish to gather more detail. However, the way DAC6
has been drafted means that it potentially also applies to vanilla
transactions with no particular tax motive. Further, there is no
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The US should stop helping criminals hide money bedfordgazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bedfordgazette.com Daily Mail and Mail on Sunday newspapers.