It has never been more important for banks and other market players to better manage their financial crime related risks than it is today. In the midst of rising geopolitical tensions across the world, major data leaks and headlines on the misappropriation of assets, and the ever-evolving regulatory environment, compliance risk can no longer be seen as a theoretical risk. This fast-evolving environment, combined with an easier access to many economies and jurisdictions, has been simultaneously a blessing for banks and a curse for regulators across the world.
With heightened media attention on financial crime, and more specifically and recently on tax fraud scandals and their recurrence, regulators are taking this issue very seriously, given the substantial effect it has on the economy. This paper focuses on the main regulatory changes in the EU and delves into what firms can do to achieve compliance and effectively fight tax fraud and evasion.