Tougher rules against money laundering to fight tax evasion
The ultimate owners of companies and trusts would have to be listed in public registers in EU countries, under draft anti-money laundering rules to be debated an voted by Parliament on Tuesday. The aim is to make dodgy deals harder to hide and fight tax evasion. Casinos are included in the scope of the draft rules, but decisions to exclude other gambling services posing a low risk are left to member states.
Under the updated anti-money laundering directive (AMLD), as amended by MEPs from the Economic and Civil Liberties committees, public central registers would list information on the ultimate beneficial owners of all sorts of legal arrangements, including companies, foundations and trusts.
The draft rules would step up monitoring of suspicious activities by banks and financial institutions, and also auditors, lawyers, accountants, notaries, tax advisors, asset managers, trusts and real estate agents. Casinos are included as well.
MEPs will also vote on an update of the Transfer of Funds regulation to improve cross-border traceability of payers and payees and their assets.
The UN estimates that money laundered globally each year amounts to 2-5% of global GDP.
Debate: Tuesday, 11 March
Vote: Tuesday, 11 March
Procedure: Ordinary legislative procedure (co-decision), first reading