New money laundering rules also apply to virtual currencies
"It will get much tougher to remain unseen when doing shady financial transactions. With this decision, Europe's financial system will become more transparent", explained Krišjānis Kariņš MEP, Parliament's Co-Rapporteur on the review of the EU Anti-Money Laundering Directive ahead of today's vote in Parliament's committees.
The joint committees on Economic Affairs and Justice and Home Affairs will this evening approve a compromise found between EU Member States and the European Parliament. The new anti-money laundering rules aim at fighting terror financing and tax evasion.
"Who owns and benefits from which company will be made public. Now, a public register of beneficial owners of companies is finally becoming true. Law enforcement authorities will also get new tools such as registers of owners of trusts, of bank accounts and of safe deposit boxes", explained Kariņš and Emil Radev MEP. Radev is the EPP Group Shadow Rapporteur in Parliament's Justice and Home Affairs Committee.
"Who owns and benefits from which company will be made public. K Kariņš MEP and E Radev MEP
The new rules also prevent risks linked to virtual currencies, limit the use of pre-paid cards and introduce additional controls of financial flows from so-called high-risk third countries.
"The threat of terrorism and financial innovations such as virtual currencies require updates to current laws. These measures will certainly make Europe safer", Kariņš and Radev stressed.
The EPP Group is the largest political group in the European Parliament with 217 Members from 27 Member States