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2022 | OriginalPaper | Chapter

4. The Fight Against Money Laundering and Tax Evasion

Author : Cristina Rovera

Published in: Ethics in Banking

Publisher: Springer Nature Switzerland

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Abstract

The fight against money laundering is one of the most important aspects that involve banks and other financial intermediaries. Money laundering can be described as “a set of operations carried out to launder money of illegal origin in order to make the traces of its criminal origin disappear”. It often takes advantage of banking secrecy, which is one of the characteristics of tax havens, those places where people flee to evade taxes. Money laundering often leads to tax evasion. The two phenomena are closely linked. It follows that fighting money laundering translates into fighting the crime from which it originates, but in order to stop money laundering it is also necessary to contrast tax evasion. The analysis proposed in this chapter looks at both phenomena, highlighting the importance of the role played by the supervisory authorities, which rely on the cooperation of numerous players, first and foremost financial intermediaries.

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Footnotes
1
Altalex, the online legal information newspaper (https://​www.​altalex.​com/​)
 
2
Directive 2018/843 excluded certain categories of intermediaries from the list, such as insurance companies.
 
3
For updates on the subject, see Directive 2018/843.
 
4
Independent intergovernmental body established in 1989 to develop and promote the protection of the financial system from money laundering, terrorism and the proliferation of weapons of mass destruction.
 
5
This is the natural person in whose favour the transaction is performed. Where the customer is a company, the actual owner is the natural person to whom ownership or control of the company is attributable.
 
6
This activity can be outsourced too.
 
7
The theme is extensively treated by Eurodad (2015) and by V.v. A.a. (2020). The latter offers a focus in the time of Covid.
 
8
See Gesualdi (2020).
 
9
Depending on nationality, size and—consequently—corporate bargaining power.
 
10
This means a company registered in a foreign state (typically a tax haven), which conducts its business outside that state.
 
11
John Doe’s Manifesto, available on https://panamapapers.sueddeutsche.de/articles/572c897a5632a39742ed34ef/
 
12
John Doe’s Manifesto.
 
13
Those mentioned are only two examples, which are not meant to describe the UK tax situation in full.
 
14
See Oxfam (217).
 
15
In Italy, the competent body is the Agenzia delle Entrate.
 
16
Meeting of the Special Committee on Tax Rulings: statement by Alain Lamassoure (Epp, Fr), European Parliament Multimedia Centre, 11 May 2015.
 
17
Centro Nuovo Modello di Sviluppo, “Top 200. La crescita del potere delle multinazionali”, 2020.
 
18
The most important cases of evasion are those of companies and the wealthiest individuals, including entrepreneurs, politicians, professionals, celebrities and sports personalities.
 
19
The CAGR is a statistical indicator which measures the period variation on an annual basis.
 
Literature
Banca d’Italia (2010), Provvedimento recante gli indicatori di anomalia per gli intermediari, 24th August 2010, n. 616
Eurodad (coordinated by) (2015). Fifty Shades of Tax Dodging. The EU’s role in supporting an unjust global tax system. Report
Gesualdi, F. (coordianted by) (2020). Top 200. La crescita del potere delle multinazionali. 10° Edition
Marian, O. (2016), “Is cryptographic currency an outstanding tax heaven?”, in Journal in Istanbul University Law Faculty, Vol. 74, Issue 2, pp. 919–930
MEF (2021). Relazione sull’economia non osservata e sull’evasione fiscale e contributiva Anno 2021
Shaxson, N. (2012). Le isole del tesoro. Viaggio nei paradisi fiscali dove è nascosto il tesoro della globalizzazione, Feltrinelli Saggi
V.v. A.a. (November 2020), The State of Tax Justice 2020: Tax Justice in the time of COVID-19
Metadata
Title
The Fight Against Money Laundering and Tax Evasion
Author
Cristina Rovera
Copyright Year
2022
Book
Ethics in Banking

Print ISBN: 978-3-031-22147-7

Electronic ISBN: 978-3-031-22148-4

Copyright Year: 2022

DOI
https://doi.org/10.1007/978-3-031-22148-4_4

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