Brussels, 22/04/2004 (Agence Europe) - The European Commission has just adopted a communication with the aim of stepping up the fight against organised financial crime throughout the EU. The document, which revisits measures already taken in this field, also draws up a list of actions to improve the detection of the product of criminal activity.
The communication pays particular attention to preventing and repressing money laundering, as the methods used to launder illicit funds or to hide the crime itself are increasingly sophisticated. The document stresses the need for efficient mechanisms to identify and confiscate the product of criminal activity and for reinforced co-operation between public and private entities to enable a more effective fight against this type of crime. The Commission is also pleading in favour of greater financial transparency, which is "indispensable to limit the occurrence of infringements". It stresses the need to develop adequate investigation techniques, such as financial investigations, at Member State level. The objective here is to make it easier to collect information on suspects' actions, and to identify and seize upon ill-gotten gains. Lastly, the communication underlines that in order to strike at the foundations of organised financial crime, there should be adequate law enforcement personnel with appropriate training. Referring to existing measures- especially the action plan on financial services- the Commissioner in charge of the Internal Market, Frits Bolkestein, said that "we also need vigorous and efficient measures at European and international level, including new legislative measures if needs be, to stop the product of organised crime from going through an ever more sophisticated financial system". (The entire text of the communication can be consulted at the following address: http: //europa.eu.int/eur-lex/en/com/cnc/2004/com2004_0262en01.pdf).