EU Commission Launches Consultation on New Rules to Counter Economic Crime
The European Commission has launched a consultation on new rules to counter economic crime. The consultation, which is open until September 22, 2023, seeks feedback on a number of proposed measures, including:
Strengthening the transparency of beneficial ownership of companies and trusts: This would make it easier to identify who ultimately owns and controls companies and trusts, which would make it more difficult for criminals to launder money and hide their assets.
Improving the exchange of information between law enforcement and financial intelligence units: This would make it easier for law enforcement to track and investigate economic crime.
Giving law enforcement new powers to seize cryptoassets: This would help law enforcement to recover assets that have been stolen or used in criminal activity.
The consultation is part of the EU's wider efforts to tackle economic crime. The EU has already taken a number of steps to counter economic crime, including the introduction of the Fourth Money Laundering Directive and the creation of the European Public Prosecutor's Office.
The new rules proposed in the consultation would build on these previous measures and would make it even more difficult for criminals to launder money and hide their assets.
Why is this important?
Economic crime is a serious problem that has a significant impact on the EU economy. It is estimated that economic crime costs the EU economy €194 billion per year.
Economic crime also undermines the rule of law and can lead to corruption and other forms of organized crime.
The new rules proposed in the consultation would help to tackle economic crime and would make the EU a safer place for businesses and citizens.
How can you participate?
The consultation is open until September 22, 2023. You can participate by submitting your feedback online or by sending a letter to the European Commission.
The consultation website includes a number of resources to help you participate, including a summary of the proposed measures and a template for submitting your feedback.
The EU Commission's consultation on new rules to counter economic crime is an important opportunity to shape the future of the EU's fight against economic crime. Your feedback will help the Commission to develop the best possible rules to protect the EU economy and its citizens from economic crime.
https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_3544
