Enforcement against financial and economic crime in the European Union is about to get much tougher.
Europol, the European Union’s law enforcement agency, announced Friday the launch of the newly created European Financial and Economic Crime Centre, with the aim of enhancing operational support to EU member states and EU bodies in the fields of financial and economic crime. The new EFECC, which will be staffed with 65 international experts and analysts, will forge alliances with public and private stakeholders “to trace, seize, and confiscate criminal assets in the EU and beyond,” Europol said. The EFECC will be at the center of a systematic multilateral approach to combat fraud against public and private finances, money laundering, asset recovery, corruption, and currency counterfeiting.
