The European Banking Authority (EBA) has said that while some European regulators are viewing dividend trading schemes as tax crimes – and an offence under the Fourth Money Laundering Directive - others are taking a different position.
According to the EBA, the differing national laws enable the perpetrators of such activity to function in the friendliest jurisdiction while having access to the whole EU market. This has clear implications for the investigation and prosecution of Cum-Ex trading.
Rahman Ravelli’s Neil Williams considered the challenges facing the EBA and member states and gave his thoughts on the situation to Thomson Reuters. In the resulting article, Neil explained that the problems that are caused by the current lack of certainty will remain until the EBA amends its regulatory guidance.
Neil's article can be read here. (Subscription required).
