RIGA - During the Sept. 18 discussion on a bill on cracking down on money laundering, its participants agreed that new means are needed to combat money laundering, reports LETA. EU countries are in need of new means to combat money laundering and tax evasion. They must know the true owners of offshore companies, emphasized Latvian MEP Krisjanis Karins.
The European Parliament is currently actively working on the bill. Karins is in charge of the bill’s progress in the parliament.
MEPs, representatives from the European Commission, the EU’s largest banking associations and banks took part in the discussion. Bank representatives supported Karins’ proposal to introduce a register of beneficial owners. They emphasized that such a register would provide not only state institutions, but also the industry with the required information.
Money laundering is a global problem. It amounts to around 5 percent of the world’s gross domestic product. Threats, caused by money laundering, continue to increase. Therefore the European Commission has come up with a bill aimed against the use of the financial system for the purpose of money laundering and terrorist financing.