#PananaPapers report 'shows why EU must get its rules in order'

The release of the European Parliament's report into the Panama Papers on 9 November is a timely reminder why the EU needs to get its anti-money laundering and tax avoidance rules in order.

In the face of growing revelations from the Paradise Papers, next Tuesday (14 November) the EU has the opportunity to show the world it is tackling money laundering, tax avoidance and terrorist financing head on by ending ownership secrecy of shell companies and trusts," said Rachel Owens, head of EU Advocacy at Global Witness.

Next Tuesday will be the 8th trialogue negotiation on the EU 5th Anti-Money Laundering Directive.

There have since been 7 rounds of negotiations between the European Commission, Parliament and Council, yet no agreement has been reached on the amendments to the Directive. The European Parliament has continued to push hard for public information on the real owners of companies and trusts, against opposition from member states, particularly the UK and Germany.

Feedback from the negotiations indicates that there is growing consensus around public access for beneficial ownership information for companies, though this is yet to be formally agreed, and public information on owners of trusts remains the blocking issue.

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