Xinhua, Brussels :
The European Council Wednesday agreed on package of rules aimed at clamping down on money laundering and terrorist financing, according to an European Union(EU) official statement.
The agreement is important as it strengthens the rules and the tools to be used in the fight against money laundering and terrorist financing, for example by increasing transparency of beneficial ownership and adding more restricted provisions on gambling services, e-money and sanctions etc.
“Europe must lead by example by putting in place a framework which focuses on greater effectiveness and improved transparency in order to make it harder for criminals to abuse the financial system. Enhancing beneficial ownership transparency has been at the heart of the international agenda and I particularly welcome the ambition of both the Parliament and Member States to introduce new investigative tools,” EU Internal Market Commissioner Michel Barnier said when he welcomed the general agreement in Council.
The commission will work with Council and Parliament during the trialogues in autumn to agree on “an ambitious and effective review package,” said Michel.
The agreement was reached at today’s meeting of the Permanent Representatives’ Committee (Coreper) follows the completion of a first reading in the European Parliament on 11 March 2014.
