Operational Standing Facilities and PANA inquiry: Difference between pages

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''Bank of England.''
''Anti-tax evasion and tax avoidance - European Union''.


(OSF).
An inquiry established by the European Parliament to investigate money laundering, tax avoidance and tax evasion, following the Panama Papers disclosures of 2016.


The Bank of England's Operational Standing Facilities (OSF) are part of its Sterling Monetary Framework (SMF).
The inquiry's recommendations, published in 2017, included:


*Introducing a regulatory framework for tax intermediaries (such as lawyers and accountants), including the separation of audit, tax and advisory services.
*Defining effective sanctions in the case of involvement in illegal tax and money laundering schemes.
*Providing a common definition at EU level of a certain number of concepts, such as tax haven, secrecy jurisdiction, non-cooperative tax jurisdiction and high-risk country, as well as guidelines on illegal vs. legal tax planning activities to improve legal certainty.
*Implementing effective protection measures for whistle-blowers.


The OSFs are the:
*Operational Standing Lending Facility.
*Operational Standing Deposit Facility.


The facilities are overnight and on demand, at predetermined fixed interest rates.
== See also ==
* [[Anti-avoidance provision]]
* [[European Parliament]]
* [[European Union]]
* [[High-risk country]]
* [[Non-cooperative tax jurisdiction]]
* [[Panama Papers]]
* [[Paradise Papers]]
* [[Secrecy jurisdiction]]
* [[Tax evasion]]
* [[Tax haven]]
* [[Whistle-blowing]]




As part of the SMF, the OSFs' purposes are to:
== External link ==
*Provide a mechanism to bring about a close alignment of money market rates and the Official Bank Rate.
[http://www.europarl.europa.eu/cmsdata/134370/Draft_Recomendation_B8_660_2017.pdf Draft recommendations of the PANA inquiry 2017]
*Provide a means for banks and other SMF participants to manage any temporary liquidity shortages arising from technical problems in their internal payments and settlement systems, or in the market-wide payments and settlements infrastructure.
 
 
Such temporary liquidity shortages are sometimes known as 'frictional' payment shocks.
 
 
==See also==
*[[Bank of England]]
*[[Financial Policy Committee]]
*[[Inflation]]
*[[Infrastructure]]
*[[Liquidity]]
*[[Liquidity insurance]]
*[[Monetary policy]]
*[[Monetary Policy Committee]]
*[[Money market]]
*[[Official Bank Rate]]
*[[Operations]]
*[[Sterling Monetary Framework]]
 
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Identify_and_assess_risks]]
[[Category:Manage_risks]]
[[Category:Risk_frameworks]]
[[Category:Risk_reporting]]

Revision as of 15:50, 8 April 2018

Anti-tax evasion and tax avoidance - European Union.

An inquiry established by the European Parliament to investigate money laundering, tax avoidance and tax evasion, following the Panama Papers disclosures of 2016.

The inquiry's recommendations, published in 2017, included:

  • Introducing a regulatory framework for tax intermediaries (such as lawyers and accountants), including the separation of audit, tax and advisory services.
  • Defining effective sanctions in the case of involvement in illegal tax and money laundering schemes.
  • Providing a common definition at EU level of a certain number of concepts, such as tax haven, secrecy jurisdiction, non-cooperative tax jurisdiction and high-risk country, as well as guidelines on illegal vs. legal tax planning activities to improve legal certainty.
  • Implementing effective protection measures for whistle-blowers.


See also


External link

Draft recommendations of the PANA inquiry 2017

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