PANA inquiry and Parliamentary Commission on Banking Standards: Difference between pages

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''Anti-tax evasion and tax avoidance - European Union''.
(PCBS).


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


The inquiry's recommendations, published in 2017, included:
The Parliamentary Commission on Banking Standards was established by the UK Parliament to:


*Introducing a regulatory framework for tax intermediaries (such as lawyers and accountants), including the separation of audit, tax and advisory services.
'''A.''' Consider and report on:
*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.
# Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal.
*Implementing effective protection measures for whistle-blowers.
# Lessons to be learned about:
## Corporate governance.
## Transparency.
## Conflicts of interest.
## Their implications for regulation and for UK Government policy.
 
'''B.''' Make recommendations for legislative and other action.
 
__NOTOC__
 
=== Final report ===
 
The Commission's 2013 report was designed to address:
 
# Making the individual responsibility of senior bankers a reality.
# Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards.
# Creating better functioning and more diverse banking markets.
# Reinforcing regulators' responsibility to exercise judgement in deploying their powers.
# Specifying the responsibilities of the UK Government.
 
 
The Commission's report setting out its conclusions and recommendations can be downloaded here:
[[Media:PCBS report June 2013.pdf|PCBS final report June 2013]].
 
Subsequently some of the Commission's proposals were incorporated into the Financial Services (Banking Reform) Act 2013. However a number of areas of concern remain to be implemented effectively.
 
 
====Note====
 
The Association of Corporate Treasurers gave both written and oral evidence to the Commission. Justin Welby, a member of the Commission, was Lord Bishop of Durham on his appointment and became the Archbishop of Canterbury before it reported. A former Treasurer of Enterprise Oil, he is a Fellow of the ACT.  




== See also ==
== See also ==
* [[Anti-avoidance provision]]
* [[LIBOR]]
* [[European Parliament]]
* [[Banking Standards Review]]
* [[European Union]]
* [[MCT]]
* [[High-risk country]]
 
* [[Non-cooperative tax jurisdiction]]
* [[Panama Papers]]
* [[Paradise Papers]]
* [[Secrecy jurisdiction]]
* [[Tax evasion]]
* [[Tax haven]]
* [[Whistle-blowing]]


====Other links====
[http://www.parliament.uk/bankingstandards UK Parliament: PCBS]


== External link ==
[[Category:Compliance_and_audit]]
[http://www.europarl.europa.eu/cmsdata/134370/Draft_Recomendation_B8_660_2017.pdf Draft recommendations of the PANA inquiry 2017]
[[Category:Ethics]]

Revision as of 12:43, 19 January 2016

(PCBS).

Terms of reference

The Parliamentary Commission on Banking Standards was established by the UK Parliament to:

A. Consider and report on:

  1. Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal.
  2. Lessons to be learned about:
    1. Corporate governance.
    2. Transparency.
    3. Conflicts of interest.
    4. Their implications for regulation and for UK Government policy.

B. Make recommendations for legislative and other action.


Final report

The Commission's 2013 report was designed to address:

  1. Making the individual responsibility of senior bankers a reality.
  2. Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards.
  3. Creating better functioning and more diverse banking markets.
  4. Reinforcing regulators' responsibility to exercise judgement in deploying their powers.
  5. Specifying the responsibilities of the UK Government.


The Commission's report setting out its conclusions and recommendations can be downloaded here: PCBS final report June 2013.

Subsequently some of the Commission's proposals were incorporated into the Financial Services (Banking Reform) Act 2013. However a number of areas of concern remain to be implemented effectively.


Note

The Association of Corporate Treasurers gave both written and oral evidence to the Commission. Justin Welby, a member of the Commission, was Lord Bishop of Durham on his appointment and became the Archbishop of Canterbury before it reported. A former Treasurer of Enterprise Oil, he is a Fellow of the ACT.


See also


Other links

UK Parliament: PCBS

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