EP VOTES NEW ANTI-MONEY LAUNDERING RULES

The ultimate owners of companies and trusts would have to be listed in public registers in EU countries, under updated draft anti-money laundering rules approved by the Economic Affairs and the Justice and Home Affairs committees on Thursday. Casinos are included in the scope of the draft rules, but decisions to exclude other gambling services posing a low risk are left to member states.

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“The outcome of this vote is a big step forward in the fight against tax evasion and a clear call for more transparency. With this vote Parliament has shown, from left to right, that it is in favour of public beneficial ownership registers, and thus sends a strong signal to the Council for forthcoming negotiations on the file. By approving the establishment of beneficial ownership registers, the committees have shown that they are serious in their demand to finally break with the tradition of hidden company ownership”, said Civil Liberties Committee rapporteur Judith Sargentini (Greens/EFA, NL).

“For years, criminals in Europe have used the anonymity of offshore companies and accounts to hide their financial dealings. Creating an EU-wide register of beneficial ownership will help to lift the veil of secrecy from offshore accounts and greatly aid the fight against money laundering and blatant tax evasion”, said Economic and Monetary Affairs Committee rapporteur Krišjānis Kariņš (EPP, LV). “Today is a good day for law-abiding citizens, but a lousy day for criminals”, he added.

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