EU anti-money laundering measures need to cover all high-risk third countries

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October 19 2016

The list of high-risk third countries subject to enhanced due diligence measures, published on 14th July, does not include many of the countries believed to be acting as tax havens for money laundering, and in particular, those mentioned in the ‘Panama Papers’. The EESC opinion on the EU Anti-Money Laundering Directive proposes that a new list of high-risk third countries be drawn up, or the scope of the measures be broadened.

The opinions were elaborated as the EU is stepping up its fight against money laundering, terrorist financing and tax evasion. The Committee strongly supports the EU’s ambition to lead the way in the global fight against money laundering and terrorism, but underlines that this is only possible if all stakeholders join forces. With the aim to protect the privacy of innocent citizens, the EESC also calls for strong sanctions and penalties for misuse of the data collected.