This thesis provides an overview on the legislative frameworks adopted at EU-level to combat money laundering and terrorist financing (AML/CFT provisions) and to establish an efficient system of exchange of information for tax transparency purposes (DAC provisions) with the aim to analyze them and, subsequently, to point out the interdependency and interconnection between the two legal frameworks.
The main part of the first chapter is focused on the legislative measures adopted at EU-level in order to fight money laundering and terrorist financing and their development, accordingly discussing the First, Second, Third, Fourth and Fifth AML-Directive.
The aim of the second chapter is to analyze the initiatives undertaken at EU-level in order to combat tax avoidance and tax evasion, accordingly discussing the Directive on Administrative Cooperation in the field of taxation and its subsequent amendments (DAC 1, DAC 2, DAC 3, DAC 4, DAC 5, DAC 6 and DAC 7).
In both chapters, before discussing the legislative EU framework, a short overview regarding the main instruments adopted at international level by the most influent stakeholders involved is provided (UN Conventions and FATF Recommendations in the field of AML/CFT; FATCA and CRS, issued, respectively, by the US and the OECD in the field of automatic exchange of information and tax transparency), also in order to show the influence of these initiatives on the following EU measures.
The purpose of the third chapter is to summarize and highlight the link between the AML and DAC provisions. The last part of the thesis provides also a short summary concerning the challenges and loopholes that still have to be faced in order to guarantee a proper functioning of the interconnection between AML and DAC provisions and, therefore, the efficiency of DAC as well as a brief insight into the further measures planned by the European Commission in order to tackle the main challenges identified in this work.
The thesis concludes that the existing synergy and interplay between the AML and DAC enhances the functioning of DAC, showing up that the concept of beneficial owner and the need to identify the beneficial owner as well as accurate up-to-date information on the beneficial owner, are key factors for both, AML and DAC provisions. Thus, a clear and uniform definition of beneficial owner remains one of the main challenges in order to guarantee a proper functioning of the interaction of these provisions and, therefore, the efficiency of DAC.