Connect with us

Crime

A Europe that Protects: Stronger rules criminalizing #MoneyLaundering enter into force

SHARE:

Published

7 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.

The new measures to counter money laundering by criminal law have entered into force across the EU. The new rules will ensure that dangerous criminals and terrorists face equally severe penalties for money laundering wherever they are in the EU, with a minimum term of imprisonment of four years.

Migration, Home Affairs and Citizenship Commissioner Dimitris Avramopoulos said: "If we want to catch criminals and terrorists, we have to follow the money. Today, we are beefing up the EU's response to money laundering, making sure that criminals and terrorists no longer get away with illegally gained money and face deserved justice. A Europe that protects is a Europe that effectively prevents and prosecutes criminals.”

Security Union Commissioner Julian King said: “Money laundering is a key tool used by terrorists and serious criminals to obtain funding – by harmonizing the crime and the punishment across the EU, we can further close down the space in which they operate. Member States now need to implement the new rules without delay.”

The Commission proposed to harmonize offences and sanctions for money laundering across the EU in December 2017. While all member states currently criminalize money laundering the definitions of this crime as well as the penalties related to it differ across the EU, allowing criminals to effectively "window shop" and exploit the differences between national legislation. With the new rules in force that will be no longer possible.

Member states now have 24 months to implement the new rules into national law and notify the Commission accordingly.

Share this article:

Share this:
Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending