"Each year, successive Governments have given increased power to HMRC to relentlessly search out and stamp on a variety of perceived tax irregularities. Most recently for instance, with effect from 1 July 2005, and the EC Savings Directive, banks are statutorily obliged to exchange information between EC Member States regarding interest arising on deposits held in one Member State where the depositor's place of residence is in another Member State. This is another step towards preventing financial institutions from maintaining anonymous accounts. On 1 November 2004, the Inland Revenue published its strategy to tackle money laundering. Increasing HM Revenue & Customs tackles "processing of illegal or dirty money derived from the proceeds of an illegal activity" under the ambit of the Proceeds of Crime Act (2002). Thus, the tightening of compliance measures now makes it increasingly difficult for tax evaders to escape."

- Margaret Matchett, Consultant: Direct Taxation