Officials hope revamped laws will draw a line under a series of dirty money scandals
ADVERTISEMENTEU negotiators are closing in on a deal on landmark new anti-money laundering laws – potentially bringing in bans on large cash payments and paid-for citizenship.
The bloc is keen to draw a line under a series of dirty money scandals – but its plans aren’t without their controversy.
New laws could improve the EU’s tarnished reputation for fighting illicit finance.
Two EU members – Croatia and Bulgaria – currently sit on an ignoble “grey list” of suspect money laundering jurisdictions compiled by international standard-setter the Financial Action Task Force (FATF), where they languish alongside Haiti, Syria and Yemen.
The region has been hit by a spate of financial-sector scandals, including Danske Bank processing hundreds of billions in dirty Russian funds through its Tallinn branch, and the collapse of Pilatus Bank in Malta – a country which also spent a year on the FATF list.
The talks are given extra urgency by the need to stop Russia evading war-linked sanctions, and after a number of years when the bloc was plagued by terrorist violence aided by shady finance.
For the first time ever, EU anti-money laundering rules are to be set out in a regulation directly affecting all 27 members, with the hope of making them both easier to comply with, and more effective at tackling cross-border flows.
Early next week (11 and 12 December), representatives of the European Parliament, the EU’s Council which groups member governments, and the Commission will thrash out their planned revamp, in closed-door meetings known as a trilogue.
Yet time is running out for a deal to be finalised under the current EU Council chairmanship, which Spain is due t ..
Support the originator by clicking the read the rest link below.
