MEPs approved a new directive with the aim of shedding light on money laundering activities, tax crimes and the financing of terrorist acts.

Combatting illegal financial activities across the EU

https://api.multimedia.europarl.europa.eu/documents/20125/12045432/n005-150520-002-en.srt

Tackling money laundering, tax crimes  and financing of terrorist acts,

as MEPs formally approved new rules  in plenary on Wednesday.

A key measure is the creation  of a common public register

detailing who really owns  the listed companies

targeting criminals  hiding behind shell corporations.

A lot of countries don’t have a register at the  moment, so they have to put one in place.

We negotiated with the Council  that all 28 registers should be interconnected.

You can search from one country to another

and, very importantly,  the public can also look into the register.

Another key aspect: mandatory involvement  of key actors on the ground

such as casinos, accountants and lawyers.

They will also be held accountable  for knowing who they’re dealing with

if the activity they’re being asked  to consult on is actually illegal activity.

Member States will have to implement  the new law within the next two years.