More transparency to address terror financing and tax evasion

"The behaviour of criminals has not changed. They use anonymity to launder their illicit proceeds or finance terrorism. We have to make sure that the legislation addresses the threats to our citizens and the financial sector. This also means tightening up the rules regulating virtual currencies and anonymous prepaid cards", said Krišjānis Kariņš MEP, Parliament's co-rapporteur on the review of the EU Anti Money Laundering Directive after today's vote in Parliament's joint committees on Economic Affairs and Justice and Home Affairs.

With the vote, the EU is moving one step closer to the agreement on a new law to better control financial flows from high risk third countries, to give more powers to EU financial intelligence, regulate national bank and payment account registers, and to tackle terrorist financing risks.

The measures are in response both to the 2015 Paris terror attacks and the April 2016 Panama Papers revelations.

After the terrorist attacks in Paris, the EU Institutions and national governments decided to step up their fight against money laundering and terrorist financing.