Germany: Sanctions if tax havens don’t cooperate
Germany’s finance minister says countries who don’t participate in an international initiative he’s proposing to help fight tax evasion and money laundering could be subjected to sanctions.
Speaking on ARD television Sunday, Wolfgang Schaeuble said if Panama, for example, refused to share information on who owns and controls companies, "they could be put on a so-called black list and certain financial business with Panama would no longer be possible."
He says Germany’s focused on increasing transparency rather than banning letter-box companies, which "sounds good but doesn’t work."
As part of a 10-point proposal in the wake of the Panama offshore accounts revelations, Schaeuble says he’s also suggesting ending Germany’s statute of limitations on tax evasion.
He says tax evaders "shouldn’t be able to find refuge in the statute of limitations."