EU to Step Up Fight Against Money Laundering
European Union leaders
meeting at a special summit in Finland last weekend agreed
to step up the EU's fight against money laundering. A range of
measures was agreed to reduce banking secrecy in order to "trace,
freeze, seize, and confiscate the proceeds of crime" as part of
a 10 point plan to combat organised crime. Access to banking records and
improved exchange of information with financial intelligence
units about suspicious transactions were singled out as key measures
needed to combat money laundering. The EU must now agree common definitions
and penalties for cross border crimes, including financial crimes
and will create an EU wide network called "Eurojust" to act on
cross border crimes in co-operation with the recently established
Europol police intelligence unit. .
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