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The EU needs better anti-money laundering rules
July 1st, 2014
5857336815_700ab642ae_zSince February of last year, the European Union has made money laundering and terrorist financing a central focus. In reviewing and updating the third Anti-Money Laundering Directive (AMLD), the European Union has tried to target the process by which criminal proceeds and illicit funds are moved throughout the continent and beyond. We’ve been following their progress closely, and have advocated for sensible reform to allow the EU to set the standard on anti-money laundering. But to be the standard-bearer on financial transparency, EU decision-makers must regulate the anonymous legal entities that...
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Partial Victory: the European Council Supports Country-by-Country Reporting
March 16th, 2011
Last week, the European ministers made a call to establish a country-by-country reporting standard for multinational companies in the extractive sector – a much needed first step to curb tax evasion and avoidance in poor countries. This decision follows groundbreaking reports by the European Parliament to enhance global tax policies which would allow mobilising further development finance to meet internationally agreed development goals. This is a partial victory for civil society organisations in Europe who have been strongly advocating for specific policy reforms to make global tax policies work for the poor. European ministers take first steps to curb tax...
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European Council Calls for Country-by-Country Reporting
March 11th, 2011
The European Council of Ministers held its 3074th Competitiveness (Internal Market, Industry, Research and Space) Council meeting in Brussels on 10 March 2011. As a result it:
Invited the Commission to come forward with initiatives, in consultation with Member States and relevant stakeholders, on the disclosure of financial information by companies working in the extractive industry, including the possible adoption of a country-by-country reporting requirement, International Financial Reporting Standards (IFRS) for the extractive industry, and the monitoring of third-country legislation;
It’s a shame the move is not as yet towards full country-by-country reporting.
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