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Parliament moves on tax crime, money laundering

News item

Tuesday 27 Jan 2015

Dublin MEP, Nessa Childers, welcomed today’s approval, in the European Parliament, of revamped legislation to fight tax crime and money laundering.

The latest version of the anti-money laundering directive was passed at committee stage in the European Parliament today. It requires the listing of the ultimate company owners in national registers open to the authorities and interested parties such as journalists, as well as improve the traceability of fund transfers.

Speaking from Brussels in reaction to the positive vote, Ms. Childers said:

“Corruption, fraud and tax crime will become easier to investigate and detect thanks to the improved transparency, and persons deemed at a high risk of exposure to corruption, such as holders of political, government and judicial posts, as well as their relatives, must be subject to additional measures to establish the nature and source of increased wealth when involved in significant business relationships.

“It is crucial for for effective law enforcement and due diligence that national enforcement authorities and entities such as banks have access to intelligence on the actual owners of companies, holdings, foundations and other outfits.

“Corporate secrecy makes no sense where it serves no legitimate business interests¬† but rather is used to shroud money laundering and tax fraud. Money laundering alone has been estimated at between 2 and 5% of global GDP.”