The EU’s top court has made it harder to uncover dirty money
Sanction-busters rejoice
Despite the armies of bankers and bureaucrats vowing to stop international money-laundering, there is still gobs of it going on. Money-laundering cases at Eurojust, the EU’s justice agency, have doubled in the past six years. One reason is that tracking dirty money is very hard. Criminals and kleptocrats create webs of shell companies with bogus owners and officers, seeking out countries with lax rules.
A good tool to fight this are ultimate-beneficial ownership (UBO) registries, where corporations must declare which human beings control them and receive their profits. The EU has required UBO registers since 2018, and America since 2020. The best, such as Britain’s, created in 2016, can be accessed by anyone. The EU later made that a requirement too.
This article appeared in the Finance & economics section of the print edition under the headline "Laundry softener"
Finance & economics December 3rd 2022
- How the West’s price cap on Russian oil could roil energy markets
- Dubious green funds are rampant in America
- The EU’s top court has made it harder to uncover dirty money
- Why central banks are stockpiling gold
- Developing countries take tax talks to the UN
- Has private equity avoided the asset-price crash?
- A playbook from the 1980s for dealing with inflation
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