The European Council has [adopted conclusions]( in response to a Commission communication on tax transparency.

The conclusions highlight the continued need to prevent the large-scale concealment of funds, which hinders efforts to clamp down on tax evasion, money laundering and terrorist financing.

In its [July 2016 communication](, the Commission had recommended a coordinated approach to preventing tax abuse, at both EU and international levels. The Council notes that whilst progress has been made at EU level, loopholes remain and further action is envisaged.