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French Lawmakers Increase Efforts In Tax Evasion Battle

October 29, 2013


French lawmakers have stepped up their fight against tax evasion on Thursday by faulting several financial players, including banks that enable a flight of tax revenue estimated at $110 billion a year. Among the 34 proposals adopted in the Senate were sanctions against those who advertise services that protect money in offshore accounts.

Other proposals would establish an international register of offshore trusts used to hide money and the ownership of property and art works. Not only that, but whistle-blowers will see increased protection as well.

France is particularly interested in catching those who would attempt to evade its taxes as the country struggles to raise revenue in order to avert additional austerity measures.

Éric Bocquet, a senator from Marquillies, in the north of France, believes the country is ill-prepared for this battle and is unable to track individuals who are part of a network that moves and protects money illegally.

“The idea is to spread responsibility among the entire chain of actors,” said Mr. Bocquet, who noted in the Senate that “offshore refuges exist every place where there are gaps in the law.”

Offshore Accounts/International Tax Disputes