EU to suggest new physique to deal with soiled cash, paperwork say

Flags of the European Union flutter in front of the headquarters of the EU Commission in Brussels, Belgium, May 5, 2021. REUTERS / Yves Herman / File Photo / File Photo

LONDON, July 7 (Reuters) – The European Union is set to propose a new anti-money laundering agency and new transparency rules for the transfer of crypto assets, EU documents showed on Wednesday as the bloc on calls for tougher measures to combat it money reacts to dirt.

Europe has come under pressure to step up anti-money laundering enforcement after several countries began investigating Danske Bank over € 200 billion in suspicious transactions through its tiny Estonian branch between 2007 and 2015.

In the absence of an EU-wide authority to stop dirty money, Brussels has relied on national regulators to enforce its rules, but they have not always fully cooperated.

“Money laundering, terrorist financing and organized crime remain major issues that should be addressed at Union level,” Reuters said in documents.

The executive European Commission of the EU is proposing a new anti-money laundering authority (AMLA), which is to become the “heart” of an integrated supervisory system that also consists of national authorities, according to the documents.

“By directly overseeing and making decisions on some of the riskiest entities in the cross-border financial sector, the Authority will directly help prevent money laundering / terrorist financing incidents in the Union,” the documents read.

“At the same time, it will coordinate the national supervisory authorities and support them in increasing their effectiveness in enforcing the uniform set of rules and ensuring homogeneous and high-quality supervisory standards, approaches and risk assessment methods.”

The EU AML rules will become directly binding on member states to prevent criminals from exploiting differences between national regulators, the documents say.

Another proposal would introduce new EU requirements for service providers of crypto assets to collect and make accessible data on the originators and beneficiaries of transmissions in these assets.

Transfers of such virtual assets are currently outside the scope of EU financial services rules.

“The absence of such rules exposes crypto-asset owners to money laundering and terrorist financing risks, as illegal cash flows can occur through transfers of crypto-assets,” the documents read.

Sven Giegold, German Greens MP in the European Parliament, said the European Commission had put together a strong package against money laundering. Parliament and the EU countries will have the final say on the proposed rules.

“With uniform standards and more centralized supervision, the EU Commission is introducing important improvements to enable a consistent approach to financial crime,” said Giegold. In the meantime, the EU should take legal action against EU states that fail to properly enforce AML rules, he added.

Reporting by Huw Jones; Adaptation by Giles Elgood

Our standards: The Thomson Reuters Trust Principles.

Extra money wanted to sort out inequality, says Merseyside police chief | Police

More money needs to be put into fighting inequality to curb crime, said the first woman policeman with the Merseyside police force, arguing that “the police are a bigger partner [in society] than just imprisoning the bad people ”.

Serena Kennedy, who took on the role last month, said she agreed with her predecessor who said if he were given £ 5bn to reduce crime he would get £ 1bn in law enforcement and £ 4bn in the fight against poverty stuck.

Andy Cooke did that unusually frank comments on the relationship between deprivation and insult when he stepped down with the force after 36 years, the last 11 under a Conservative government accused of widening inequality.

In her first few weeks in that role, Kennedy endorsed his comments, stating that she wanted to make crime prevention a priority by working with partners to “investigate and address the root causes of crime.”

“I agree with Andy. Merseyside has massive inequalities in terms of where our communities are in terms of the nature of the poverty gap. “

She pointed to academic research showing that post-Covid inequality is likely to worsen in northwest England.

“For me, this inequality means that people’s aspirations, their expectations and their chances in life are influenced. So we should definitely work with our partners to investigate these causes, ”added Kennedy.

Comparing government health papers showing that investing in prevention would mean less spending in the long run on diseases such as obesity, Kennedy said the same is true from a police perspective in terms of the cost of prosecuting people. “It’s cheaper, but that’s not why, it’s because you’re giving that person a better chance in life.”

I will quote Robert Peels first Principle of policing Kennedy said policing is an integral part of community safety. “One of my priorities is the relentless pursuit of those criminals who tarnish the lives of our communities and target the vulnerable. Absolutely, that is our role, but we need to play a role with our partners in the earlier intervention and change the inequalities that will only worsen. “

Some might interpret Kennedy and Cooke’s comments to be in line with a key demand made by Black Lives Matters protesters who have made calls “Defund the Police” by transferring funds from the criminal justice system to health, social and educational systems. In response, Kennedy said, “It wasn’t just about taking money away from the police, it would require a fundamental change in the way you use resources in the area.”

Again citing a preventive approach, she used the example of assigning every child in a school a place in a breakfast club, rather than just specific children, to improve bonding and reaching. “To do this, the long-term benefits must be recognized across the public sector. Education, policing, social welfare, housing … It’s not a political statement, it’s just a mind-set about how we fund our services, “she said.

Kennedy began her career with the Greater Manchester Police Department in 1993 and joined Merseyside four years ago as the deputy chief of police. She rose to the rankings and is among the 29.4% of women police chiefs in England and Wales. Amid renewed debate about institutional sexism in policingShe said that in her 28 years of service she had never seen what she would consider misogyny, but admitted that some of her colleagues had a different experience.

With a reputation for fighting organized crime, one of the force’s key ongoing operations is the investigation into fraud, bribery, corruption and misconduct in public office, which has resulted in the arrest of about a dozen people, including the former mayor. He has not been charged and denies any wrongdoing. Does it take courage to go through an operation that has resulted in some very high profile arrests and throws? Liverpool in political unrest? Kennedy will only say that the force “will always investigate allegations of crime” when there are allegations of crime.

Methods to lastly sort out powerful cash duties | Private Finance

Start with your “why”.

“Giving yourself a 10-point list of things to do that you don’t like is the perfect recipe for procrastination,” Meera Meyer, a financial planner in Boulder, Colorado, said in an email. Meyer lets her customers review their financial goals and then consider why an item is on their to-do list in the first place. Checking your goals against your list may inspire you to keep this list short.

This exercise can also help you prioritize the remaining tasks so that you know exactly where to start.

Break big tasks down into small bites

A big, vague goal is a surefire way to inaction. But when you break this goal into pieces, it feels doable. Progress is already a small step.

“Sometimes downloading that first statement is the jolt you need to get on the right track,” Meyer said. “Once you download this statement, you often find that you are as good as possible to get on with the process.”

Lauren Martin of Portland, Oregon describes herself as a hardworking saver, and that left her with a good problem: what to do with additional savings once she’s fully funded her emergency account? It has set itself the goal of opening its first taxpayer Brokerage accountBut she found the prospect of taking that first step toward investing daunting.