France wants more effective sanctions for tax evaders
France is going to demand stricter sanctions on those folks, who help with tax evasion. The country is also interested in a G20 blacklist of uncooperative tax offshores.
Countries included in the blacklist are going to be subject to corresponding counter-measures simultaneously taken by different states.
Up to 96 jurisdictions have already committed to automatically exchange tax data with other authorities for about two years. For instance, this applies to the British Virgin Islands, a popular offshore center.
By the way, since joining the initiative, Panama has suddenly reversed, explaining it could hardly meet all the necessary standards of automatic data exchange.
Currently, Panama appears to be the only key financial center amidst the countries, which haven’t joined the automatic tax data exchange with other authorities, as follows from the last month’s OECD report specially for G20 finance ministers. Furthermore, Vanuatu, Bahrain and Nauru haven’t joined the initiative too.
The finance ministry of France told that the EU requires playing its part in suppressing tax evasion by simply imposing severe sanctions against those folks who encourage tax evasion or help with it.