Brussels, 21/01/2015 (Agence Europe) - On Wednesday 21 January, Coreper approved the inter-institutional agreement reached in December of last year on the fourth directive on money laundering and the financing of terrorism.
The agreement provides for the creation of central registers in the countries of the EU, which will record the ultimate owners of businesses. The central registers will be accessible without limitation to the competent authorities and their financial intelligence units. Individuals with a 'legitimate interest', such as investigative journalists or other citizens, will also be granted access.
In February 2013, the European Commission proposed to extend the scope of application of the European rules on money laundering. Amongst other things, the level above which a cash payment for the acquisition of goods or the provision of gambling services must be subjected to particular scrutiny has been reduced (from €15,000 to €10,000). On sanctions, the minimum level of fines has been set at €1 million. In the event of infringements involving banks or other financial institutions, this minimum level has been set at €5 million.
The states now have two years to transpose the text into their national legislations. (EL)