Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-03-11-Speech-2-033-000"
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"en.20140311.6.2-033-000"2
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"Mr President, what we are discussing here today is an essential crime-fighting measure. Money laundering may seem like a less dangerous form of crime in some people’s minds, but in reality it goes right to the heart of criminality in Europe. These offences fund some of society’s worst crimes, such as terrorism and drug smuggling – and indeed people smuggling too.
The fight against money laundering is not an easy one: it requires often lengthy and laborious processes in following trails; it involves dedicated individuals sifting through reams of information looking for anomalies; but it is worth it. At the end of the process, they end up catching real criminals: the leaders of crime gangs who are responsible for the vast majority of organised crime in Europe.
Our most central aim is to make it easier for our law enforcement bodies to prevent the abuse of our financial systems and to prosecute criminals. We must make it harder for illegitimate money to be hidden in Europe’s legal economy. Money laundering does not restrict itself to the borders of individual countries. Money changes hands and legal jurisdictions constantly. The very nature of organised crime and of money laundering requires us all to be prepared to put in place nothing short of the most robust rules. I have always believed that, in any fight against fraud and money laundering, sunshine is the best disinfectant. My hope with this package of legislation is that it will shine a very bright light on the dark and murky depths of organised crime.
I am rapporteur on the fund transfer regulation and shadow rapporteur on the anti-money laundering directive. Both go hand in hand and set out to update the current anti-money laundering (AML) rules by changing the way we use information to spot fraudsters. We are all aware of the problems created by the last money laundering directive, but I believe this is our opportunity to learn from those mistakes. This package is about making life easier for those who are innocent and harder for those who commit crimes.
I welcome the main changes, which mean that, when the new rules are implemented, we will adopt a risk-based approach, extend the scope to cover gambling and open up company ownership to the public. These are fundamental changes, and there will be profound consequences. However, I believe they will be viewed positively by citizens and businesses and negatively by criminals. I hope these new rules will help us to tackle not just money laundering but also tax evasion, and that they will eventually breed even greater confidence in our economy.
There have been some big talking points. On my report, my co-rapporteur and I saw a number of amendments tabled which would strip away the simplified payments regime that exists within Europe, but we were both of the opinion that this was unnecessary and would disproportionately disadvantage many payment providers and their customers, while providing little AML value. On the directive itself, we found that the main areas of debate were how to deal with beneficial ownership, gambling and politically-exposed persons. We worked hard to find good compromises.
I would like to touch on trusts. It is well known that the UK has a special situation regarding trusts. They provide the legal basis for a number of transactions and institutions such as property ownership, estate planning, wills and insurance. It is thought that the mandatory registration of trusts would not only compromise the privacy of individuals but also add red tape and costs to family financial planning. The fact that they fall under the UK’s common law system also adds complications and, as a lawyer, I am aware of the difficulties that this poses. I have worked hard to find language that limits the risk of public exposure for vulnerable people and in cases where the trusts themselves pose little or no risk of money laundering, such as in relation to wills. I am happy that this has been taken on board, but I have tabled a further amendment. It is a debate we repeatedly have in this House that the fight against crime must not be pursued at the cost of a person’s right to privacy and in the absence of proportionality.
Finally, this is about making sure that our payment institutions and law enforcement bodies are better able to spot anomalies that occur in financial data and stop serious criminal activity. Colleagues have worked hard on this proposal and I fully support it."@en1
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