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Money laundering, the EU on the verge of new rules despite the controversy

2023-12-06 11:35:45Biznes SHKRUAR NGA REDAKSIA VOX

Money laundering, the EU on the verge of new rules despite the controversy

EU negotiators are closing in on a deal on landmark new anti-money laundering laws that could introduce bans on large cash payments and paid citizenship. The bloc is keen to draw a line in a series of dirty money scandals, but its plans are not without controversy. The new laws could improve the EU's tarnished reputation for fighting illicit finance.

Two EU members, Croatia and Bulgaria, are currently on a negligible "grey list" of suspected money-laundering jurisdictions compiled by international standard-setter the Financial Action Task Force (FATF), where they languish together with Haiti, Syria and Yemen.

The region has been hit by a series of financial sector scandals, including Danske Bank processing hundreds of billions in dirty Russian funds through its Tallinn branch, and the collapse of Pilatus Bank in Malta, which also spent a year on the FATF list. . The talks are given added urgency by the need to stop Russia evading war-related sanctions and after years when the bloc has been wracked by terrorist violence aided by dubious finances.

For the first time, the EU's anti-money laundering rules will be set out in a regulation that directly affects all 27 members, with the hope of making them easier to comply with and more effective in dealing with flows cross-border. Early next week (December 11 and 12), representatives of the European Parliament, the EU Council which groups member governments and the Commission will hammer out their planned renewal in closed-door meetings known as a trilogue.

However, time is running out for a deal to be finalized under the current presidency of the EU Council, which Spain will hand over to Belgium at the end of December. But there has been disagreement over whether to set the threshold at €10,000 or lower, with some lawmakers concerned that making digital payments mandatory raises concerns over privacy, access and cyber security.

MEPs have said their plans will help stop billions of euros of dirty money flowing through the EU economy. The measures "mark the beginning of the end for criminals, terrorists, oligarchs, art 'enthusiasts' and fake football agents," lawmaker Damien Carême, who secured the regulation through the European Parliament's Civil Liberties Committee, said in a statement in March.

However, many elements of the legislative deal have yet to be decided, including Carême's plan to apply money-laundering controls to football clubs. A planned new EU anti-money laundering agency will oversee dirty money checks at around 40 major banks, but talks next week are unlikely to resolve which of the nine candidate cities will host it.

MEPs must also persuade the Council to stop citizenship by investment, which grants passports to anyone with the right level of funds. This is supported by the FATF, which in a November report highlighted a network of "criminal, negligent or complicit" real estate agents and wealth managers who often support the schemes.


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