A special committee of the European Parliament urges the creation of a European Police Force and a European Regulator dedicated to money laundering. The proposals of the Special Committee on Financial Crimes and Tax Evasion (TAX3) form part of a report with various recommendations, including the abolition of “Golden Visas”.
European Union member states unanimously rejected a proposal to include Saudi Arabia and four US territories among countries blacklisted for lax controls on terrorism financing and money laundering. As reported by Reuters, member states criticised the European Commission’s methodology, claiming that the listing used criteria different from the Financial Action Task Force (FATF), considered to be the global standard for anti-money laundering.
The European authorities require Airbnb to make changes to its operations. The company has until the end of August to present solutions. Greater transparency regarding costs and the conditions for cancellation of the accommodation by the owner are among the requirements.
The European Commission is developing a pan-European Pension Product (PEPP): a simple and cost-effective retirement plan which will be portable across EU member states. The PEPP will be designed to give hundreds of millions of savers throughout the EU more choice where currently options are often few and far between. It will also create new growth opportunities for pension providers to take advantage of a European single market for personal pensions estimated to grow to 2.1 trillion Euros over the next decade, as reported recently in the Financial Times.