June 30, 2021
1 min read

EU urged to act against money laundering, terror funding

Money laundering is the practice of legitimising the proceeds of crime by filtering them into the regular economy to disguise their illegal origin…reports Asian Lite News.

The European Union (EU) has a fragmented approach to combat money laundering and terrorist financing, the European Court of Auditors (ECA) has warned.

In a special report on the subject released on Monday, the ECA said that although the value of suspicious transactions within the EU is estimated to be hundreds of billions of euros, its approach to counter it was fragmented, adding that the bloc needed a stronger oversight framework for combating money laundering,reports Xinhua news agency.

Although the relevant EU bodies have a policymaking and coordinating role and limited direct powers, efforts are largely managed at the national level.

The special report from the ECA concludes that EU-level action to combat money laundering and terrorist financing has weaknesses, and that the bloc’s oversight framework is fragmented and poorly coordinated and thus fails to ensure a coherent approach and a level playing field.

Money laundering is the practice of legitimising the proceeds of crime by filtering them into the regular economy to disguise their illegal origin.

Within Europe, Europol estimates that the value of suspicious transactions is equivalent to about 1.3 per cent of EU’s gross domestic product (GDP).

“EU-level weaknesses with regard to money laundering and terrorist financing need to be addressed, and the EU’s supervisory role significantly strengthened,” said Mihails Kozlovs, a member of the ECA responsible for the report.

“Much more needs to be done to ensure that the EU law is implemented promptly and coherently. For a start, the EU should use regulations in preference to directives wherever possible, given the need for legislation to be implemented coherently at Member State level,” Kozlovs added.

ALSO READ-EU excludes Covishield from ‘Green Pass’ list

Previous Story

No EU ban on Covishield, but request must for approval

Next Story

Belarus cancels participation in EU initiative

Latest from -Top News

Activists Targeted Again in Balochistan

The Baloch Yakjehti Committee (BYC) on Tuesday condemned the enforced disappearance of Baloch leader Ghani Baloch, blaming Pakistan’s Law Enforcement Agencies and Frontier Corps….reports Asian Lite News The Baloch Yakjehti Committee (BYC),

Islamabad-Ankara-Baku Axis Sharpens Against India

Both Turkey and Azerbaijan have openly expressed solidarity with Pakistan and backed Islamabad in its military standoff with India, this month….reports Asian Lite News The evolving alliance between Islamabad, Ankara, and Baku

B’desh SC Acquits Islamist in War Crimes Case

ATM Azharul Islam was slapped with the charges of crimes against humanity committed during the Liberation War of the country in 1971….reports Asian Lite News The Supreme Court of Bangladesh on Tuesday

India Targets Pak Terror Ties in Guyana

The delegation met the Guyanese President, Mohamed Irfaan Ali, who had hosted a dinner to celebrate friendship and shared aspirations between the two nations…reports Asian Lite News Congress leader Shashi Tharoor, currently

EU Vows US Trade Deal

European Commission President Ursula von der Leyen phoned Trump on Sunday, after which he agreed to postpone the planned tariff increase until July 9….reports Asian Lite News The European Commission remains “fully
Go toTop

Don't Miss

West eyes ruinous cost on Putin

Biden to visit the town of Rzeszow near the border

‘Two-State Solution Vital for Israel-Palestine Peace’

He has also asked the Israelis that peace and stability