European Union ambassadors Thursday confirmed that an agreement was reached between the current Bulgarian EU presidency and the European Parliament on new rules on using criminal law to counter money laundering.
The new regulation aims at disrupting and blocking access by criminals to financial resources, including those used for terrorist activities, said an EU statement. “To conduct terrorist or other criminal activities, one needs money. Making sure money laundering activities are sanctioned and that EU-wide judicial and police cooperation is as effective as possible will help cut the flow of money going into the pockets of criminals,” commented Tsetska Tsacheva, Bulgarian minister of Justice.
Money laundering activities will be punishable by a maximum term of imprisonment of 4 years and additional sanctions and measures may be imposed by judges.
After the new rules are adopted by the EU Council of ministers and the European Parliament, EU Member states will then have up to 24 months to transpose the new provisions into national law.
Source: Kuwait News Agency