EU reaches provisional deal to combat money laundering

The European Union (EU) reached a provisional agreement to protect EU’s citizens and the EU’s financial system against money laundering and terrorist financing, according to the European Council statement on Thursday.

“This will ensure that fraudsters, organised crime and terrorists will have no space left for legitimising their proceeds through the financial system,” said Minister of Finance of Belgium Vincent Van Peteghem.

The provisional agreement on an anti-money laundering regulation will, for the first time, exhaustively harmonise rules throughout the EU, closing possible loopholes used by criminals to launder illicit proceeds, the statement added.

Nearly 70 per cent of criminal networks operating in the EU make use of forms of money laundering to fund their activities and conceal their assets, according to an infographic released by the council.