International Tax Monitor: Belgium Creates Beefed-Up Panel to Investigate Panama Papers

15/03/2017 | Fraud | Michel Maus
Belgium will establish a parliamentary committee with investigative powers that will allow local tax officials to break their obligation of professional secrecy to identify local banks involved in the setup of offshore structures through a Panamanian bank.
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Michel Maus, tax lawyer at the Bloom Law Firm, noted that Belgian lawmakers’ move didn't
“entirely come as a surprise.”

“Rumors around the involvement of the bank industry in setting up tax schemes abroad
have been circulating for a while now,” he said in a statement emailed to Bloomberg BNA
March 14. He qualified lawmakers’ ambition to “effectively investigate” the role played by
local banks in the Panama Papers revelations as “courageous,” noting that the banks
suspected of involvement also include state-owned banks.

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For the complete article contact Bloomberg BNA.