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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