EU watchdog wants regulators sharing data to fight tax fraud

Pedro Gonçalves
clock • 1 min read

The European Securities and Markets Authority (ESMA) wants securities and tax regulators to be given new powers to share information for cracking down on fraudulent tax reclaim schemes. ESMA recommended in its final report to the European Parliament that lawmakers make it possible for regulators across the bloc to share information following fraudluent schemes linked to dividend transfers, which have cost the European Union $64bn in lost taxes. In these WHT reclaim schemes investors engineer share trades to make bogus tax reclaims from phantom dividends. Additionally, ESMA has call...

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