European Parliament draft recommendation to the Council and the Commission

European Parliament draft recommendation to the Council and the Commission

European Parliament draft recommendation to the Council and the Commission following the inquiry on Money Laundering, Tax Avoidance and Tax Evasion calls for further legislation. It seeks change so that legal professional privilege will not inhibit suspicious transaction reporting, and proposes that lawyers advising non-residents should be legally responsible when designing tax-planning and money laundering schemes.  It also proposes to discourage accounting and auditing firms in designing offshore structures. See here.