New global standards against money laundering

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The fight against organised crime and terrorism is now being stepped up even more with today’s adoption by the international task force against money laundering and financing of terrorism, FATF, on new global standards. The new standards entail recommendations which all members of the FATF should implement in order to combat money laundering and financing of terrorism, for example better collaboration between countries and tighter regulation of electronic transactions. The FATF has also proposed tougher recommendations on addressing corruption and tax crimes.

Better cooperation at a global level is crucial and most welcome in the fight against organised crime and terrorism. The Commission is now preparing proposals to incorporate the new standards in existing EU legislation, which include the Third Anti-Money Laundering Directive and a Framework Decision from 2001 on criminal offences for money laundering.