The European Commission Wednesday presented proposals to update the existing EU anti-corruption legislation, bringing together provisions for both the public and the private sectors in one legal act.
“This anti-corruption package shows that we are determined to fight against corruption at home and beyond, worldwide. And we send a clear message that the EU is not open for business to those who engage with corruption, wherever it occurs,” EU High Representative Josep Borrell told a news conference in Brussels.
“Serious acts of corruption can also threaten peace and international security, enabling terrorism, organized crime and other crimes. So, that is why, we have to enlarge our scope and to tackle corruption worldwide,” he said.
Today’s proposals aims to establish the Common Foreign and Security Policy (CFSP) toolbox of sanctions regime to fight serious acts of corruption worldwide.
“The European Union could ban perpetrators of acts of corruption from entering the European Union, freeze perpetrators’ assets in the European Union and prohibit any EU person from making funds and economic resources available to perpetrators,” said Borrell.
Speaking at the same press conference, EU Commissioner for Interior Affairs, Ylva Johansson said, “Corruption is a threat to our security, with 60% of organized crime groups using corruption.” “It is the first time that we bring public sector corruption and private sector corruption under one umbrella law,” she noted.
Corruption costs the EU economy at least 120 billion euro (USD 132 billion) per year, said the European Commission in a statement.
The negative effects of corruption are felt worldwide, undercutting efforts to bring good governance and prosperity, and to meet the United Nations Sustainable Development Goals, it noted. The proposed legislation combating corruption will have to be negotiated and adopted by the European Parliament and EU member states before it can become EU law
Source: Kuwait News Agency