Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-05-15-Speech-4-070"
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"en.20030515.3.4-070"2
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".
The lack of mechanisms for monitoring the unrestricted movement of capital, the creation of instruments for obviating prudential rules and the presence of considerable sums of money in tax havens all contribute to the abuse of the financial system and facilitate the laundering of money that represents the proceeds of crime, especially trafficking in drugs, arms and human beings, making the role of organised crime in today’s capitalism abundantly clear.
In 1995, the World Bank estimated that money laundering accounted for between USD 300 billion and USD 500 billion, not counting estimated tax evasion. More recently, the IMF suggested a figure of between 2% and 5% of world GDP, in other words, between USD 600 billion and USD 1500 billion. Combating money laundering requires, specifically, the political will to control and effectively tax international movements of capital. Although this proposal is limited, it is a step in the right direction, promoting the harmonisation of customs procedures, with the aim not only of supplementing the supervision of cross-border fund transfers by financial institutions, but also of monitoring cash movements at or above the threshold of EUR 15 000, which warrants our support."@en1
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