The European Parliament (EP) has adopted new rules to
fight money laundering. This is the final step in the adoption of the
legislation. The EU Council already approved the text as agreed in the
negotiations between both institutions. The changes are set to come into force
in the second half of 2017. 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 legalizing
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.”
Illegally-laundered money accounts for as much as 5%
of the world's GDP and is a challenge both for the competitiveness of those
working legally in the sector as well as for government coffers. The 4th
Anti-Money Laundering Directive is aimed at limiting the scope of criminal and
terrorist activity in Europe.
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