The income concealment makes the European Commission go to extremes. Since this year, Brussels is going to pay special attention to the EU citizens' private property, which is situated abroad. Such measures are necessary due to tax evasion. EU Tax Commissioner Algirdas Semeta has announced that in his statement the other day. In accordance with the new bill, the banks will be obligated to send the information on foreigners' income made on the EU territory to the tax authorities. The new law is supposed to come into force in 2015 and to complete the current requirements of the European Union. Besides the documents on additional income, the banks' officials must provide the data on personal accounts' balance. The Tax Administration' sword of vengeance is oriented primarily to reveal the recent tax avoidance schemes. The banks' tax frauds cause the EU countries an annual loss of about €1 trillion. So, these new control actions are vital in the modern financial world. It was Americans who inspired the EC to create this legislative project. The U.S. Foreign Account Tax Compliance Act (FATCA) requires foreign banks and credit organizations to disclose the details of the international accounts of the U.S. citizens to the Internal Revenue Service. The Europeans are not pleased with the novelties; Luxembourg, for example, is openly protesting against it.