Parliament strengthens money-laundering rules

posted in: EU news

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In plenary session on 11 March 2014, MEPs adopted at first reading and by a large majority the proposal for a directive on the fight against money laundering (643 votes in favour, 30 against and 12 abstentions). The text requires banks, lawyers, auditors, real estate agents and notaries to be even more vigilant regarding their clients. The aim is to detect any suspicious operations more easily.

The MEPs even wanted to go beyond the Commission’s initial proposal. They recommended the creation and interconnection of public registers of ultimate beneficial owners of all sorts of legal arrangements, including companies, foundations and trusts. This measure must make it possible to prevent fake companies transferring dirty money.

Following this text’s adoption, Parliament will hand the baton on to the next assembly that will be designated after the European elections in May. The future MEPs could decide not to take up the legislative procedure from the beginning but to continue the work already carried out.

The resolution adopted by the European Parliament is available at: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2014-0150&language=EN