EU fails to reach game changing agreement on transparency in wake of Paradise Papers

The ONE Campaign today reiterated its demand for robust new transparency rules in the wake of the Paradise Papers after negotiations on the EU’s Anti-Money Laundering Directive failed to reach a successful  conclusion. The ONE Campaign is calling on EU governments to adopt new rules that would shine a light on the secretive companies and trusts used to siphon billions out of the poorest countries.

The European Commissioner, Pierre Moscovici lamented the standstill on the negotiations in a speech today at the Plenary session of the European Parliament.

The ONE Campaign reacted to today’s failed round of negotiations, saying: “The Paradise Papers highlight once again the need for urgent action to counter anonymous ownership of companies and trusts. The EU’s Anti-Money Laundering Directive gives European governments a crucial opportunity to close these secrecy loopholes, but with today’s failed negotiation they’ve missed yet another opportunity to do so. The European Parliament has backed strong transparency measures on two separate occasions but Member States have blocked progress.In order to show they’re serious about tackling these scandals, Member States must now quickly agree full public disclosure of company and trust ownership.”

ENDS

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About ONE

ONE is a campaigning and advocacy organisation of more than 8 million people taking action to end extreme poverty and preventable disease, particularly in Africa. Not politically partisan, we raise public awareness and press political leaders to combat AIDS and preventable diseases, increase investments in agriculture and nutrition, and demand greater transparency in poverty-fighting programmes. Read more at www.one.org.