Austria urges EU action on money laundering after 'Panama Papers'

VIENNA, April 5 (Reuters) - The European Union must take action to ensure offshore companies cannot be used for money laundering and tax evasion, Austrian Chancellor Werner Faymann said on Tuesday, commenting on the fallout from the massive “Panama Papers” data leak.

“Work is urgently needed in unison with the European Union,” Faymann told a news conference. Austria would take part in international discussions on how to increase data exchange and data security, he said, calling for full transparency.

“We need to review all current cases and everything that’s possibly still to come,” he said regarding investigations into whether two Austrian banks followed rules aimed at preventing money laundering. (Reporting by Kirsti Knolle; editing by Francois Murphy)