Stronger EU rules to fight financial crime - proposed EU Directive targeting corruption among officials

Discovering the real impact of corruption in the EU, as revealed by the 2023 Eurobarometer survey: 

• 65% of EU companies believe corruption is widespread in their country. 
• 78% think close business-political ties can lead to corruption. 
• 72% feel favoritism and corruption hinder fair competition. 

These insights underscore the significant damage corruption and bribery inflict on societies and economies. 

Recognising the urgency, the EU is strengthening its financial crime regime. Key initiatives include anti-money laundering directives, whistleblower protections, and safeguarding the EU's financial interests.

Despite ongoing efforts, the battle against corruption is far from over. In 2023, the EU proposed a new Directive targeting corruption among officials. According to the Eurobarometer survey, only 37% of businesses believe anti-corruption measures are applied fairly in their countries.

The EU Directives aim to: 

1. Define corruption offenses uniformly across member states.
2. Strengthen penalties and sanctions.
3. Consider case-specific circumstances for fair judgments.
4. Remove privileges and immunities for thorough investigations.
5. Enhance cooperation among member states for effective prosecution.
6. Set minimum prosecution periods for corruption offenses.

As we navigate this complex landscape, companies can play a vital role in fighting corruption. Reach out to Grant Thornton today to empower your organisation and contribute to a more transparent and accountable future.