EU will set up cross-border system to find out more quickly about suspects' bank accounts in other Member States

RIGA - A cross-border system will be set up in the European Union (EU) to make it easier to determine if a suspect has bank accounts in other Member States, MEP Inese Vaidere (New Unity) said on Thursday on Twitter.

She acknowledges that around EUR 160 billion, or 1 percent of the EU's gross domestic product, is obtained each year from financial crimes, such as money laundering linked to corruption, arms, human or drug trafficking, as well as tax evasion and terrorist financing. In addition, only 1 percent of criminal money is confiscated.

"That is why I am developing a new solution in the EP's Economic Affairs Committee," the politician writes.

She is convinced that the new system will facilitate the investigation and recovery of money from financial crimes. At the same time, different measures will be in place to prevent unjustified use of the system.

The system is expected to be approved in the spring.