Money laundering is on the EU agenda and it is good news that a deal to clamp down on the practice is within reach – but the proposal falls short in two significant ways, says Oxfam

Nowadays, little prevents corrupt politicians, mobsters, tax dodgers and those financing terrorist activities from hiding their ill-gotten gains in a European bank account. By simply hiding their identity behind an anonymous company, almost no one even raises an eyebrow. Europe’s financial system allows them to launder all their dirty money because banks are not obliged to find out who the real owner is. Once their cash gets into a bank, criminals can move it around the global banking system and keep it out of the tax authorities’ reach…Artikel