France Wants Banks to Divulge Offshore Info

September 11, 2009 International Tax CooperationOffshore BankingTax HavensTaxation in France  No comments

The French Government is seeking a higher level of disclosure from French banks regarding transfers to offshore accounts and tax havens.

On the 11th of September, Eric Woerth, French Budget Minister, announced that the French Government will be stepping up its efforts to fight offshore tax evasion by demanding further assistance from French located banks. The government wants to see banks providing details and identities of account holders transferring money to offshore accounts and tax havens.

Provisions already exist within French law for authorities to request similar information from financial institutions. Although, the information that can currently be obtained is limited and often times considered to be inadequate in scope. It is the hope of Eric Woerth that the systems by which the information is obtained are made more systematic and the range of obtainable data is extended.

Eric Woerth stated that a proposal is currently being drafted and expected to be completed by September, which will mandate that banks within France disclose information concerning any accounts which see funds transfer above preset amounts to specified off shore locations. The French banking federation, la Fédération Bancaire Française, which represents all banks located within France, has confirmed that they are fully prepared to cooperate with the proposal.

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