The Commission has adopted on 14 July 2016 a proposal to further reinforce EU rules on anti-money laundering to counter terrorist financing and increase transparency about who really owns companies and trusts.
This Commission’s proposal is the first initiative to implement the Action Plan adopted earlier this year for strengthening the fight against terrorist financing and is also part of a broader drive to boost tax transparency and tackle tax abuse. Besides the Action Plan, Commission adopted last year (May 2015) the Fourth Anti-Money Laundering Package which marked a significant step towards improving effectiveness of the EU's efforts to combat the laundering of money from criminal activities and to counter the financing of terrorist activities. In such framework, the changes the Commission is proposing, are among others:
· Enhancing the powers of EU Financial Intelligence Units and facilitating their cooperation;
· Tackling terrorist financing risks linked to virtual currencies;
· Tackling risks linked to anonymous pre-paid instruments;
· Stronger checks on risky third countries;
· Full public access to the beneficial ownership registers;
· Extending the information available to authorities.
More information: http://europa.eu/rapid/press-release_IP-16-2380_en.htm