The New Rules to Combat Financial Fraud and Money Laundering Enter into Force in January

Crime | December 17, 2019, Tuesday // 20:12|  views

Currently, the controlling bodies in the European Union detect only 1% of the proceeds from money laundering on the Old Continent, BNT reported.

New rules for financial payments at European Union level enter into force on 20 January. They envisage tightening controls on financial fraud and money laundering. This was announced on Decemebr 17 in a BNT interview with MEP from EPP, Emil Radev, who is also the rapporteur on the topic. Bulgaria is one of the countries that has fulfilled almost all legal requirements related to combatting financial fraud and money laundering.

For the first time at European Union level, control over cryptocurrencies and their conversion into real means of payment will be tightened. "Until now, there were no real rules on how the virtual currency would become a real one, which allowed money laundering, and thus financing even terrorist organizations," Radev explained.

Changes have also been made to the financial justification in the field of works of art, where rules will also be introduced at EU level already.

According to Emil Radev, only 1% of money laundering cases are currently detected at European Union level, which is too small. However, Bulgaria is one of the countries with a high rate of capture of such cases, and in our part of the rules, especially concerning the confiscation of illegally acquired property, the rules are more serious than in other Member States.

According to Radev, property in Bulgaria is currently seized for nearly BGN 2 billion. Money laundering and misuse of EU funds is among the leading topics of today's parliamentary session.

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Tags: EU, rules, financial fraud, money laundering


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