Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-05-15-Speech-4-068"
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"en.20030515.3.4-068"2
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"The Schmitt report is aimed at establishing greater control of cash movements equal to, or above, EUR 15 000, which is the lower limit in force in European financial institutions.
As the rapporteur partly acknowledges, a requirement, such as he proposes, for greater transparency regarding the origin of funds would make no difference. Indeed, it would not prevent large sums being laundered, as long as they were below the amount specified. Nor would there be anything to prevent a proliferation of transfers of a lower amount, a practice common to money launderers across the globe.
This amounts to saying that Parliament has no real desire seriously to combat money laundering. If it did have, it would propose removing commercial and banking secrecy.
Since, however, the majority of Parliament is committed to protecting the sacred cow of private property and, consequently, to maintaining such secrecy, this choice on its part favours a situation that leaves scope both for illegal trafficking and for corrupt practices. That is why we have abstained from voting."@en1
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