Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-04-04-Speech-3-285"
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"en.20010404.11.3-285"2
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"Mr President, this is a very important report and it approaches a difficult subject. Despite the best efforts of the rapporteur, there will still be those who will seek to get around it and to look at every way to carry on with their dirty dealings. Baroness Ludford spoke quite rightly about the effects of this on the City of London and the legal profession. She is a lawyer or barrister by profession and perhaps she should have declared an interest. She will know that all of these professions and their associated professions – accountants and auditors – will look at any possibility to help their clients. Those clients may be involved in all sorts of dodgy transactions. They should be covered. Only by concerted effort by all those parties concerned internationally will we be able to tackle the industry of money laundering. I would like to tackle money lending as well, but that is another issue.
I have been seriously lobbied by the British banks about Amendment No 17, which they do not like because it tries to prevent people they do not know from paying in huge amounts of cash. This is just the sort of thing we have to tackle if money laundering is to be challenged properly. If it affects Internet banking, as they suggest, then there must be other ways that they can verify the credentials of people who are applying for accounts.
Money laundering is linked to organised crime. We know that. It is linked to drug smuggling, terrorism and forgery of bank notes. I agree with Mrs Sörensen. Those who are developing the euro plan to bring in a EUR 500 note – approximately GBP 300, well over ten times the face value of the largest note in common usage in Britain. We have a GBP 50 note which is worth about EUR 80, but that is very rare. So if I were a forger I would start out now forging EUR 500 notes and have a field day for the next few months until people come to terms with it. There are loopholes in this system. We must do everything we can to counter them."@en1
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