European crackdown on money laundering

New laws have been introduced to help European police in the fight against money laundering and terrorism.

Jun 28, 2017

New laws have been introduced to help European police in the fight against money laundering and terrorism. The Fourth Anti-Money Laundering Directive came into force this week, strengthening existing rules and increasing transparency around ownership of companies. The directive reinforces the obligation for banks, lawyers and accountants to conduct risk assessments and facilitates cooperation between financial intelligence units. It also gives greater sanctioning powers to competent authorities. HM Treasury said the laws will prevent more terrorists and criminals from illegally moving money through the financial system. Frans Timmermans, first vice-rresident of the Juncker Commission, said: “Laundered money is oxygen to crime, terrorism and tax avoidance. We need to cut off its supply as best we can. “Today’s stronger rules are a big step forward but we now need quick agreement on the further improvements the Commission proposed last July.”

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