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In a joint meeting of the Economic and Monetary Affairs and the Civil Liberties Committees of the European Parliament, MEPs endorsed the adoption of the final text of the Anti-Money Laundering Directive by the European Parliament.  These new rules are to safeguard the stability of the financial system from money laundering and terrorist financing. Moreover, they will provide authorities with new tools to prevent criminals from legalising illicit proceeds.  Krišjānis Kariņš MEP, Parliament's co-negotiator, said: “Authorities need new means to effectively deal with criminals legalising illicit proceeds by using the anonymity of offshore companies and accounts. The register of beneficial ownership is a powerful tool which will help in the fight against money laundering and blatant tax evasion.”  The register of the beneficial ownership of companies will be accessible to the wider public via an authorisation process. The register would make it possible for police and tax authorities to uncover who is actually the true beneficiary of any legal entity across the EU, making life much more difficult for criminals.

Estimates suggest that money laundering accounts for as much as 2.7% of the world’s economic activity (GDP) - or $1.6 trillion in 2009. This is a challenge for both the competitiveness of legal businesses as well as for government coffers.  Member States will be allowed to exempt certain gambling services and products (e.g. state lotteries) based on proven low risk. E-money products will also benefit from certain exemptions. The Directive introduces a 'blacklist' with high-risk third countries.  After the adoption in the committees, and the second reading agreement in the EU Council, the European Parliament will vote at second reading in plenary in May. The changes are set to come into force in the second half of 2017.