Black money becomes white

Photo: mightykenny Creative Commons

Photo: mightykenny Creative Commons

The Commission is strengthening the measures to combat money laundering after a proposal of Commissioner Barnier and myself. We propose an increased transparency concerning the ownership of companies. This makes it more difficult for the organised crime groups to infiltrate companies and in that way launder the money from e.g. smuggling in drugs and weapons, and human trafficking. It will also become more difficult to laundering money through gambling online, since the companies will control all deposits over 2000 euros. The same rules will apply to casinos. The flow of black money can damage the financial sector.

Making it harder for criminals to launder money from the illegal activity, is another way of to fight organised crime in Europe today. We have previously proposed e.g. better rules on confiscation of criminal assets, and of course stronger police cooperation through Europol is an additional way. We plan to adopt proposals on further measures against corruption and organised crime in the coming months.

There is also a connection between money laundering and the financing of terrorism, which motivates the supervision and strengthening of the rules, which also imply a clearer harmonisation of the different national rules that exist today and stricter sanctioning power, The Commission proposal will now go to the Parliament and the Council for negotiations.

Tags: ,