EU Commission Says It Can't Ax Bank Licenses Over Cum-Ex

By Todd Buell (January 4, 2022, 11:36 AM EST) -- The European Union's executive branch, the commission, lacks the authority to strip the licenses of banks implicated in the wide-ranging tax fraud scandal known as cum-ex, the bloc's tax commissioner has told a member of the European Parliament.

Commissioner Paolo Gentiloni said in a letter dated Monday that the prosecution of tax fraud and the enforcement of remedies fall under the authorities and courts of individual member states in the bloc rather than at the EU level. He was responding to a letter from Miguel Urbán Crespo, a Spanish member of the European Parliament from the Left Group.

"The commission has no investigatory...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!