EU Parliament approves proposal on access to AML information by tax authorities

EU Parliament approves proposal on access to AML information by tax authorities

The EU Parliament has adopted a proposal for an EU Council Directive on access to anti-money laundering (AML) information by tax authorities, which would amend Directive 2011/16/EU on administrative cooperation in the field of taxation.

The proposal enables tax authorities to consistently access relevant AML information for the performance of their duties in monitoring the proper application of the Directive on administrative cooperation by financial institutions. The AML information relates to the information used by financial institutions to identify the beneficial owners of financial accounts when an intermediary structure is used under Directive 2014/107/EU, which amended Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation.

The EU Parliament will forward its approval to the EU Council, EU Commission and national parliaments.