THE FIGHT AGAINST CORRUPTION: NEW EU 5-YEAR STRATEGY

On 14 April, the EU released a new strategy focusing on boosting law enforcement and judicial cooperation, tackling organised crime structures and high priority crimes, removing criminal profits and ensuring a modern response to technological developments.  It is claimed that, in 2019, criminal revenues in the main criminal markets amounted to 1% of the EU GDP, i.e. €139 billion.  The Strategy sets out the tools and measures to be taken over the next 5 years to disrupt the business models and structures of criminal organisations across borders, both online and offline.  It is estimated that over 60% of criminal networks active in the EU engage in corruption and more than 80% use legitimate businesses as a front for their activities, while only 1% of criminal assets is confiscated.  The EU Commission says that it will propose to revise the EU rules on confiscating criminal profits, develop the EU AML rules, promote the early launch of financial investigations and assess the existing EU anti-corruption rules. This, it says, will also help prevent infiltration into the legal economy.  

https://ec.europa.eu/commission/presscorner/detail/en/ip_21_1662

https://ec.europa.eu/home-affairs/sites/default/files/pdf/14042021_eu_strategy_to_tackle_organised_crime_2021-2025_com-2021-170-1_en.pdf

https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_1664

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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