EU Commission Says It Can't Ax Bank Licenses Over Cum-Ex

By Todd Buell (January 4, 2022, 11:36 AM EST) -- The European Union's executive branch, the commission, lacks the authority to strip the licenses of banks implicated in the wide-ranging tax fraud scandal known as cum-ex, the bloc's tax commissioner has told a member of the European Parliament.

Commissioner Paolo Gentiloni said in a letter dated Monday that the prosecution of tax fraud and the enforcement of remedies fall under the authorities and courts of individual member states in the bloc rather than at the EU level. He was responding to a letter from Miguel Urbán Crespo, a Spanish member of the European Parliament from the Left Group.

"The commission has no investigatory...

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