WSi News2018-09-12 15:43:54
The EU has approved new measures to combat terrorist financing, by preventing money laundering and tightening cash flow checks
The two laws will make it harder for terrorists and criminals to finance their activities, by closing the loopholes in the current money laundering rules and by making it easier for the authorities to detect and stop suspicious financial flows.
Ignazio Corrao (EFDD, IT) said: “The new rules on criminalisation of money laundering hit criminals where it hurts them most: money. The rules prevent criminals from financing their activities - legal or illegal - with the proceeds of illicit actions. Money laundering is a dangerous crime and its harmful consequences are often underestimated. This directive adds a new important tool to fight against this crime. "
The new rules to prevent money laundering introduce:
EU-wide definitions of money laundering-related crimes,
EU-wide minimum penalties, such as a minimum of four years of imprisonment for money laundering maximum sentences, and new additional sanctions, such as barring those convicted of money laundering from running for public office, holding a position of public servant and excluding them from access to public funding.
Juan Fernando López Aguilar (S&D, ES) said: "To properly fight economic fraud, money laundering and terrorism financing, the EU must reinforce its controls over cash entering or leaving its territory. We have incorporated the best practices at international level to new rules and solved some deficiencies and shortcomings of the current legal framework.”
Mady Delvaux (S&D, LU) said: “Cash is difficult to trace and easy to transfer, therefore criminals frequently use it. With this regulation, we are strengthening the tools to combat money laundering and terrorist financing through better and faster exchange of information between authorities, as well as by adopting a more complete definition of cash.”
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