Tough rules against terror money and tax evasion

19.04.2018 9:00

Tough rules against terror money and tax evasion

Video picture

New money laundering rules also apply to virtual currencies

"Shady money transactions will become much more difficult. The financial system will become more transparent. New risks through virtual currencies will be addressed. We are fighting terror financing and tax evasion", explained Krišjānis Kariņš MEP ahead of today's vote in the European Parliament on a compromise found between EU Member States and MEPs to change the EU Anti-Money Laundering Law. The Parliament is expected to approve the compromise.

"Those who own and benefit from each company will be made public. Now, a public register of beneficial owners of companies is finally becoming reality. Law enforcement authorities will also get new tools such as registers of owners of trusts, of bank accounts and of safety deposit boxes", explained Kariņš.

The new rules also limit the use of pre-paid cards and introduce additional controls of financial flows from so-called high-risk third countries. Kariņš negotiated the new law on behalf of the European Parliament and Emil Radev MEP on behalf of the EPP Group.

"The threat of terrorism and financial innovations such as Bitcoin require updates to current laws. These measures will make Europe safer", Kariņš stressed.

Note to editors

The EPP Group is the largest political group in the European Parliament with 219 Members from 28 Member States