The European Parliament Is Planning to Launch a Financial Police Department

According to the official announcement of the press office of the EU Parliament, the MPs voted for creating a new unit meant for fighting various types of financial crimes. The new department will consist of both police and intelligence.

On Tuesday, March 26, 505 Members of Parliament voted for the launch of TAX3 (Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance), while 63 people voted against, and 87 abstained from voting.

With the approval of this decision, the European Parliament begins a whole initiative, the main direction of which will be detecting, finding and punishing individuals involved in such offences as financial fraud, money laundering, tax avoidance, tax evasion and other similar crimes inside the European Union and globally.

The growing interconnectedness of our economies as well as the digitalisation of the economy need to be addressed more systematically as they affect taxation,” said one of the co-rapporteurs of the TAX3 Committee.

Moreover, two separate bodies will be established to fulfill the abovementioned duties: the EU financial police and the EU intelligence unit. The Committee and both financial units will start operating immediately

Other ideas and recommendations pointed out during the voting included establishing a watchdog, the main responsibility of which will be monitoring and preventing money laundering schemes, developing a more aggressive taxing policy in some EU states, establishing a global tax unit in the UN etc.

We would like to remind you that in the summer of last year the European Parliament approved a decision on cryptocurrencies and the way the digital assets may be used.

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