Unveiling all banking secrecy by the end of this year to prevent the loss of trillions of euros in tax revenue each year was a target set by EU leaders in their summit on Wednesday in Belgium. The charity Oxfam estimates that 12 trillion USD (9.5 trillion euros) is being hidden in EU tax havens, more than half in UK and its colonies. The banking information exchange mechanism only works on savings.

European Commission President Jose Manuel Barroso addresses a news conference during a European Union leaders summit in Brussels on May 22 to move closer to ending banking secrecy. (Photo: Reuters)

Several EU leaders suggested that it be expanded to corporate income due to criticism of certain giant corporations who pay little or no tax. However, the EU is far from achieving its target of banks voluntarily sharing information by the end of this year as the members will have to negotiate simultaneously with Switzerland and tax havens at the gateway to the EU.