EU's Anti-Tax Cheat Plans Set Stage For Global Regime

Law360, New York (April 10, 2013, 7:17 PM EDT) -- A proposal by the European Union's five largest economies Tuesday to set up a bank data exchange program aimed at rooting out tax cheats is likely to be adopted continentwide, experts say, paving the way for a global regime aimed at increasing financial industry transparency and chasing down tax evaders.

The U.K., Germany, France, Spain and Italy announced a pilot plan that would see them require banks to share a range of account information with tax officials, including account holders’ names, account balances, transactions and other...
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