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The EU is working on a system of monitoring and regulating “financial intermediaries” and by the end of next year will submit a list of offshore countries where companies and individuals conduct financial activities and avoid national taxation, European Commissioner for Economic and Financial Affairs Pierre Moscovici said in an interview with the Italian Report program, Tass reported.

At the moment 90 countries are being monitored, and if they do not want to be listed, they must accept all rules established by EU.

Italian journalists from the Report and L'espresso unveiled a list of Italians involved in an off-shore scandal within Paradise Papers international investigation. Unlike American figures, such as people close to President Donald Trump, famous politicians, Queen Elizabeth II, who were involved in the offshore financial activities, there were no renowned Italians. Vitrociset company, which deals with security systems that are supplied to the Italian Defense Ministry, is caught in a not entirely transparent activity, stated the newspaper Il Giornale on Monday.

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