Not Another Day in Paradise as EU Vows Sanctions on Tax Havens

„I am fully determined to reinforce the means to fight tax evasion,“ French Finance Minister Bruno Le Maire said before a meeting with his European Union counterparts in Brussels on Tuesday. „States have to stick to their commitments. If they don‘t stick to their commitments we have to put sanctions,“ he said, adding that France will table a proposal to punish tax havens, which includes cutting international funding.

A new set of data taken from an offshore law firm exposed again this week the hidden wealth of individuals and shows how corporations, hedge funds and investors may have skirted taxes. A year after the Panama Papers, this new massive leak of confidential information from the Bermuda law firm Appleby Group Services Ltd. has shone another light on the use of offshore accounts.