ONE welcomes European Parliament move to tackle money laundering in the EU and beyond
The ONE Campaign welcomes today’s vote by the European Parliament to make public information on who owns companies and trusts– benefitting rich and poor countries alike. The Parliament voted in a plenary session to confirm their position on the 4th Money Laundering Directive, marking a positive step in the fight against global corruption.
Tamira Gunzburg, Brussels Deputy Director at ONE said:
“Today the European Parliament took the fight to arms dealers, corrupt officials, money launderers and other financial criminals. All too often, money that could be spent on lifesaving health interventions or economy boosting agriculture, especially in developing countries, is being hidden away using so-called phantom firms. Until now, it has been too easy to hide the identity of who owns these businesses and trusts, making it almost impossible to track money meant for the public purse.
“This crucial piece of legislation will go a long way to changing that. Being able to see who owns companies and trusts will allow citizens and law enforcement authorities to follow the money and shine a light on corrupt and criminal activity. All eyes are now on the Council. They must see this for what it is: a clear call for openness through public disclosure for both companies and trusts. We need Member State governments to support the Parliament’s position and finalise this law under the Greek presidency.”
For more information please contact Michael Healy in the press office on +32 2 300 8974 or [email protected]
Notes to Editors
1. The European Parliament passed a legislative resolution on the 4th EU anti-money laundering directive in a plenary vote today.
2. The EU’s Council of Ministers will discuss the anti-money laundering directive in a working group meeting on 26 March – once the Council has established its position they will undertake trialogue negotiations with Parliament and the Commission to decide on the final law.
3. Making information public about who owns and controls companies and trusts will:
- Give citizens and journalists in developing countries access to the data they need to follow the money and root out corruption;
- Help to improve data quality by enabling more people to scrutinise the data, and identify, check and correct inaccuracies;
- Enable banks and other financial institutions to perform due diligence more effectively;
Ensure that businesses know who they are doing business with; and
- Contribute to more effective law enforcement – investigations, prosecutions and the return of stolen assets.
4. About ONE – ONE is a campaigning and advocacy organization of more than 3.5 million people taking action to end extreme poverty and preventable disease, particularly in Africa. Cofounded by Bono and strictly nonpartisan, we raise public awareness and work with political leaders to combat AIDS and preventable diseases, increase investments in agriculture and nutrition, and demand greater transparency in poverty-fighting programs. ONE is not a grant-making organization and does not solicit funding from the public or receive government funding. ONE is funded almost entirely by a handful of philanthropists and foundations. We achieve change through advocacy. Our teams in Washington, D.C., London, Johannesburg, Brussels, Berlin, and Paris educate and lobby governments to shape policy solutions that save and improve millions of lives. To learn more, go to ONE.org