France passes tax evasion and financial crime law

By Christine Duhaime | November 9th, 2013

The French National Assembly has adopted its long-anticipated anti-tax evasion and financial crime bill today, aimed at strengthening France’s tax and customs administrative regulatory agencies and broadening powers given to police and the judiciary to combat financial crimes. The legislation is projected to result in a whopping $2.6 billion in tax revenues to the tax authorities from French tax disclosures for 2014 alone. According to the French government, as a result of public expectations (and indeed international pressure), it has implemented over 60 policy measures already to clamp down on tax evasion. Tax evaders, if convicted, will face terms of imprisonment of up to 7 years and a $2 million fine. The law also relaxes privacy laws to allow for the sharing and collection of personal information for financial crime compliance purposes.

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