EU Anti-Money Laundering

PROBLEM:

Money laundering allows the corrupt to legitimise the illegal. It distorts economies and is an obstacle to a stable EU market. When dirty money is laundered in EU financial markets, corruption is facilitated and governance standards are undermined. We see time and again the world’s most corrupt laundering their ill-gotten gains in EU financial centres with relative ease.

SOLUTION:

EU money laundering regulations need to be better enforced, and more information is required so that the source of funds can be better identified. Information on who ultimately owns and controls companies, trusts and other legal structures needs to be made publicly available in registers across the EU. The EU is currently reviewing its anti-money laundering rules, with a Fourth Anti-Money Laundering Directive expected in late 2014.

TI EU Public Statements:

  • 20 May 2015: New data shows EU citizens back crack down on dirty money. Read here.
  • 17 December 2014: EU agrees money laundering transparency reforms, but full access denied. Read here.
  • 05 December 2014: Joint CSO letter Anti-Money Laundering Directive and the importance of transparency. Read here.
  • 20 June 2014: EU Member States agree to clamp down on money laundering loopholes. Read here.
  • 11 March 2014: European Parliament gives overwhelming ‘yes’ vote to end secret corporate ownership. Read here.
  • 20 February 2014: MEPs vote to end secret ownership in the EU. Read here. 
  • 24 January 2014: Fighting Money Laundering in the EU – from Secret Ownership to Public Registers. Read the policy paper here.
  • 22 January 2014: Beneficial Ownership Transparency in the EU Anti-Money Laundering Directive. Read more.
  • 23 October 2013: Transparency International EU joins the European Parliament in its call for full transparency of company ownership. Read more.
  • 21 May 2013: EU leaders must end financial secrecy. Read more.
  • 5 February 2013: TI suggests new EU anti-money laundering proposals still leave risk for laundering proceeds of corruption. Read more.

Written contributions to EC Consultations:

  • 17 April 2012: TI recommendations to DG Internal Market on review of Third EU Anti-Money Laundering Directive. Read more.

Blogs posts specific to the campaign:

Panama

Press Release: Panama Papers reveal need for EU action on secrecy jurisdictions

EU Anti-Corruption, EU Anti-Money Laundering, Uncategorized -

The Panama Papers, a global investigation into the use of anonymous companies in secrecy jurisdictions, has shown how a network of lawyers, bankers and other facilitators around the world help the corrupt to hide illicit wealth. The leaks show the …




Posted 4 Apr 2016 No Comments

logo TI

PUBLIC STATEMENT: Business and civil society representatives call for urgent action on corruption in the EU

EU Anti-Corruption, EU Anti-Money Laundering, EU Corporate Integrity, Uncategorized -

Transparency International welcomes the call from representatives of employers, unions and civil society for a comprehensive strategy to fight corruption in the EU. The opinion adopted by the European Economic and Social Committee (EESC) today highlights concerns about illicit financial …




Posted 17 Sep 2015 No Comments

From Russia With Cash

Hidden in Chelsea: Stopping Corrupt Cash in Europe

EU Anti-Corruption, EU Anti-Money Laundering, EU Financial Sector, EU Neighbourhood Policy -

The UK Prime Minister David Cameron announced on Tuesday a crackdown on “dirty money” in the British property market. This comes after years of campaigning by Transparency International UK (TI-UK). We welcome the commitment to increase the scope and access …




Posted 31 Jul 2015 No Comments

Read more:

  • EU Anti-Money Laundering
  • news:

    • Master the language of bankers and analysts with TI’s Financial Jargon Buster. See here.

    events:

    agenda:

    May 2015: European Parliament plenary vote on the AMLD.

    December 2014: Trialogue agreement on the AMLD.

    • October 2014: Trialogues start on the review of the AMLD

    18 June 2014: Council agrees negotiating mandate for the AMLD.

    • 4-5 June 2014: G7 reaffirm commitment to tackle beneficial ownership transparency (See Summit Declaration)
    • 14 March 2014: Financial attaché meeting on AMLD
    • 11 March 2014Vote in European Parliament plenary
    • 20 February 2014: European Parliament LIBE/ECON committee vote
    • 5 December 2013: LIBE / ECON Deadline for & discussion of amendments.
    • 28 November 2013: LIBE / ECON Presentation of the draft report.
    • 15 November 2013: Following a request from Spain, Italy, France and Germany the Lithuanian presidency has moved the AMLD onto the ECOFIN agenda.
    • 12 November 2013: ECON and LIBE rapporteurs, Krišjānis Karinš and Judith Sargentini submit their joint report.
    • 31 October 2013: UK Prime Minister David Cameron announces that the UK will establish publicly accessible company registers. Read more.
    • 22-23 October: Plenary session of the CRIM Special Committee on Organised Crime, Corruption and Money Laundering, following the publication of its Final Report.
    • 21 August 2013: Cyprus tightens its national AML framework by committing to the establishment of registry of trusts and by insisting that international trusts are no longer exempt from registration.
    • 08 August 2013: The Committee on Economic and Monetary Affairs (ECON) publishes amendments to it’s draft opinion on the Commission’s AMLD proposal, with many parties looking for stronger measures in respect of tax evasion and beneficial ownership identification.
    • 26 June 2013: the Committee on Development (DEVE) publishes a draft opinion on the Commission’s AMLD proposal. Rapporteur Bill Newton Dunn asks for full public disclosure of beneficial ownership “in the form of central national registers.”
    • 18 June 2013: Tax and transparency dominates the adgenda as G8 meet in Northern Ireland.
    • 13 June 2013: Ahead of the G8 Summit, the German Government publishes its Action Plan to prevent the misuse of legal persons and legal arrangements.
    • 13 June 2013: The CRIM Special Committee on Organised Crime, Corruption and Money Laundering will review the draft Final Report by Rapporteur, Salvatore Iacolino.
    • 22 May 2013: The meeting of The European Council concludes that a new Directive “should be adopted by the end of the year”.
    • 24 April 2013: Member States convene for the first time in the context of  the Working Party on Financial Services to examine the Commission’s proposed directive.
    • 5 February 2013: DG Internal Market and Services publishes Impact Assessment and new Anti-Money Laundering Directive.
    • 11 April 2012Report on the application of the Third Anti-Money Laundering Directive, adopted by the European Commission.
    • 16 February 2012: The Financial Action Task Force (FATF) publishes its revised Recommendations on Combating Money Laundering and the Financing of Terrorism.
    • 9 December 2011: Stakeholder meeting on review of Third Anti-Money Laundering Directive, European Commission, Brussels. Read more.
    • Early 2014: Possible deadline for adoption of 4th AML Directive.

    Work of Transparency international National Chapters:

    UK: March 2015 – Corruption on your doorstep: how corrupt capital is used to buy property in the UK. Read more

    Austria: June 2013 – TI Austria blogs on the ills of banking secrecy. Article in German.

    UK: June 2013 – TI UK set’s out its priorities for transparency in an open letter to David Cameron ahead of the UK’s presidency of the G8. Also, read their blog calling for action on money laundering.

    Cyprus: February 2013 –  Amid accusations of offering refuge to ‘hot money’ from Russian oligarchs, TI’s Cyprus Chapter examines asks if Cyprus is failing in its anti-money laundering obligations. Read more.

    France: July 2012 – TI France reports on its ongoing efforts, with partner SHERPA, to indict Teodoro Nguema Obiang, son of the President of Equatorial Guinea. Read More.

    reference documents:

    • January 2013: TI-EU referenced in European Parliament CRIM Committee report “Relationship between Money Laundering, Tax Havens and Tax Evasion”. Read here.
    • 21 May 2012: TI-EU welcomes the European Parliament’s Special Committee on Organised Crime, Corruption and Money Laundering. Read more.
    • 12 April 2012: TI-EU briefing note on frozen assets and escrow accounts. Read more.

     

    links:

    Contact details

    Carl Dolan

    Director

    + 32 (0) 2 893 24 55

    E: cdolan@transparency.org