Latest news with #MarkusFerber
Russia Today
3 days ago
- Business
- Russia Today
EU may target Russia's financial reputation
The EU is considering adding Russia to its anti-money laundering 'grey list' in an effort to cause reputational damage and increase financial pressure on Moscow, Financial Times reported on Friday. The blacklist includes countries that Brussels considers to have inadequate regulations against shady financial activity. Inclusion on the list would impose extra compliance requirements on banks and financial institutions dealing with Russian individuals and entities, leading to higher costs in conducting business activity. The European Commission is preparing to adopt a revised list of high-risk third countries next week, after postponing its release at the last minute for 'administrative/procedural reasons,' FT reported. 'There is huge support for putting Russia on the list,' Markus Ferber, a German MEP with the center-right European People's Party, the EU parliament's largest grouping, told the outlet. Typically, the EU aligns its blacklist with decisions from the Financial Action Task Force (FATF), a global intergovernmental body that combats money laundering and terrorist financing. Although Russia's FATF membership was suspended in 2023, several countries would likely block any attempt to formally add it to the FATF grey list, leading Brussels to consider unilateral action. Despite its suspension from FATF, Russia continues to engage with the Eurasian Group (EAG), a regional body affiliated with FATF. In 2024, the EAG assessed Russia's progress in strengthening its anti-money laundering and counter-terrorism financing measures. It acknowledged some improvements but urged further action, particularly in enforcing targeted financial sanctions and increasing transparency around beneficial ownership. Ukraine has repeatedly pushed for Russia to be placed on the FATF blacklist, citing its connections with already blacklisted states and the potential risks it allegedly poses to the global financial system. However, these attempts have failed due to resistance from several FATF member states, including China, India, Saudi Arabia, and South Africa. Despite being suspended, Russia remains obligated to comply with FATF standards and continues to fulfill its financial commitments to the organization.
Yahoo
3 days ago
- Business
- Yahoo
EU considers adding Russia to money-laundering 'gray list,' Financial Times reports
The European Union is considering placing Russia on its "gray list" of countries with inadequate controls against money laundering, the Financial Times reported June 6, citing officials from the European Commission. Inclusion on the list would damage Russia's global financial standing and compel banks to apply stricter scrutiny to transactions involving Russian individuals or entities — raising compliance costs and increasing operational burdens. Although the decision was expected this week, the European Commission delayed a final ruling due to 'administrative or procedural reasons,' according to the Financial Times. A decision is now expected early next week. "There is huge support for putting Russia on the list," said Markus Ferber, a German MEP who oversees economic affairs for the European People's Party, the EU's main center-right bloc. Most European Parliament members reportedly back the move, though no consensus has yet been formalized. The EU's gray list generally mirrors the assessments of the Financial Action Task Force (FATF), an international watchdog on money laundering and terrorism financing. Russia's FATF membership was suspended in 2023, after its full-scale invasion of Ukraine. Efforts to list Russia on the grey list have faced resistance, as countries with close ties to Moscow are likely to block any formal move for enhanced monitoring. The EU's most recent internal draft of the gray list includes countries such as Algeria, Kenya, Laos, and Venezuela. Several others — including Barbados, the United Arab Emirates, and Senegal — are expected to be removed. If implemented, the designation would further isolate Moscow from global markets and tighten compliance obligations on any remaining cross-border financial operations involving Russian institutions. Read also: Ukraine war latest: Ukraine strikes Russian missile base in Bryansk Oblast, damages Iskander launchers; Trump dismisses timeline to impose Russian sanctions We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Local Italy
26-03-2025
- Automotive
- Local Italy
'Crucial for safety': New rule will enforce driving licence bans across EU
Under current rules, only the EU country where the licence is issued can hand out a driving ban that is valid across the EU. So if a non-resident commits a major driving violation in another EU member state, whilst on holiday for example, this country can only issue a ban within its own territory. This has resulted in a road safety issue, according to the EU. The European Commission has warned that in 2019, about 40 percent of cross-border offences were committed with relative impunity. According to the new law, however, a license withdrawal, suspension or restriction will have to be passed from the country where the offence was committed to the one where the license was issued so that the penalty can then be enforced across the EU. What kind of driving offences will it apply to? The rule will apply to cases concerning drink-driving or driving under the influence of drugs, excessive speeding (driving 50 km/h faster than the limit) and fatal accidents. The European Commission will assess after five years whether to expand the list. The text, agreed on Tuesday by representatives of the European parliament and Council, has to be formally adopted by both institutions. EU countries will then have four years to turn it into national law. 'This Directive is a crucial step in ensuring better road safety. By introducing clearer and more timely criteria for suspending driving privileges because of serious violations, this measure protects not only responsible drivers but the entire community,' said Italian MEP Matteo Ricci. German MEP Markus Ferber also welcomed the agreement and said he was satisfied that new rules won't lead to an EU-wide points-based system. Driving licenses Separately, representatives of the Parliament and Council also agreed on new EU rules about driving licences. By the end of 2030, there will be a uniform driving licence format available on smartphones, but drivers will maintain the right to request a physical version. Both physical and digital versions will be valid to drive passenger cars and motorcycles for 15 years, or 10 years if the country uses a driving licence also as an ID. Truck and bus licences will have to be renewed every 5 years. EU countries will also be able to shorten the validity of driving licences for people above 65 years. All EU countries will have to request a medical examination or a self-assessment when issuing driving licences, and a probationary period of minimum of two years will be introduced for new drivers. During this time, stricter rules or sanctions will apply for driving under the influence of alcohol or drugs. EU citizens living in another EU member state than their own will be able to take tests and get a licence in the country citizenship, in case of language issues. The new directive will also allow the EU-wide recognition of EU licences issued to residents in exchange of driving permits of third countries with similar safety rules. The Commission will have to draw a list of safe countries in this regard. Currently, such driving licenses are marked with code '70' and don't have to be recognised across the EU. These measures are part of the so-called 'Road safety package' which aims to halve road deaths by 2030 and includes also an update of rules on the cross-border exchange of information on traffic offences.
Local Spain
26-03-2025
- Automotive
- Local Spain
'Crucial for safety': New rule will enforce driving licence bans across EU
Under current rules, only the EU country where the licence is issued can hand out a driving ban that is valid across the EU. So if a non-resident commits a major driving violation in another EU member state, whilst on holiday for example, this country can only issue a ban within its own territory. This has resulted in a road safety issue, according to the EU. The European Commission has warned that in 2019, about 40 percent of cross-border offences were committed with relative impunity. According to the new law, however, a license withdrawal, suspension or restriction will have to be passed from the country where the offence was committed to the one where the license was issued so that the penalty can then be enforced across the EU. What kind of driving offences will it apply to? The rule will apply to cases concerning drink-driving or driving under the influence of drugs, excessive speeding (driving 50 km/h faster than the limit) and fatal accidents. The European Commission will assess after five years whether to expand the list. The text, agreed on Tuesday by representatives of the European parliament and Council, has to be formally adopted by both institutions. EU countries will then have four years to turn it into national law. 'This Directive is a crucial step in ensuring better road safety. By introducing clearer and more timely criteria for suspending driving privileges because of serious violations, this measure protects not only responsible drivers but the entire community,' said Italian MEP Matteo Ricci. German MEP Markus Ferber also welcomed the agreement and said he was satisfied that new rules won't lead to an EU-wide points-based system. Driving licenses Separately, representatives of the Parliament and Council also agreed on new EU rules about driving licences. By the end of 2030, there will be a uniform driving licence format available on smartphones, but drivers will maintain the right to request a physical version. Both physical and digital versions will be valid to drive passenger cars and motorcycles for 15 years, or 10 years if the country uses a driving licence also as an ID. Truck and bus licences will have to be renewed every 5 years. EU countries will also be able to shorten the validity of driving licences for people above 65 years. All EU countries will have to request a medical examination or a self-assessment when issuing driving licences, and a probationary period of minimum of two years will be introduced for new drivers. During this time, stricter rules or sanctions will apply for driving under the influence of alcohol or drugs. EU citizens living in another EU member state than their own will be able to take tests and get a licence in the country citizenship, in case of language issues. The new directive will also allow the EU-wide recognition of EU licences issued to residents in exchange of driving permits of third countries with similar safety rules. The Commission will have to draw a list of safe countries in this regard. Currently, such driving licenses are marked with code '70' and don't have to be recognised across the EU. These measures are part of the so-called 'Road safety package' which aims to halve road deaths by 2030 and includes also an update of rules on the cross-border exchange of information on traffic offences.
Local Sweden
26-03-2025
- Automotive
- Local Sweden
'Crucial for safety': New rule will enforce driving licence bans across EU
Drivers who have their license confiscated in an EU country as a result of a serious driving offence will see their disqualification recognised across all European Union member states, under a new law just agreed in Brussels. Advertisement Under current rules, only the EU country where the licence is issued can hand out a driving ban that is valid across the EU. So if a non-resident commits a major driving violation in another EU member state, whilst on holiday for example, this country can only issue a ban within its own territory. This has resulted in a road safety issue, according to the EU. The European Commission has warned that in 2019, about 40 percent of cross-border offences were committed with relative impunity. According to the new law, however, a license withdrawal, suspension or restriction will have to be passed from the country where the offence was committed to the one where the license was issued so that the penalty can then be enforced across the EU. What kind of driving offences will it apply to? The rule will apply to cases concerning drink-driving or driving under the influence of drugs, excessive speeding (driving 50 km/h faster than the limit) and fatal accidents. The European Commission will assess after five years whether to expand the list. The text, agreed on Tuesday by representatives of the European parliament and Council, has to be formally adopted by both institutions. EU countries will then have four years to turn it into national law. Advertisement 'This Directive is a crucial step in ensuring better road safety. By introducing clearer and more timely criteria for suspending driving privileges because of serious violations, this measure protects not only responsible drivers but the entire community,' said Italian MEP Matteo Ricci. German MEP Markus Ferber also welcomed the agreement and said he was satisfied that new rules won't lead to an EU-wide points-based system. Driving licenses Separately, representatives of the Parliament and Council also agreed on new EU rules about driving licences. By the end of 2030, there will be a uniform driving licence format available on smartphones, but drivers will maintain the right to request a physical version. Advertisement Both physical and digital versions will be valid to drive passenger cars and motorcycles for 15 years, or 10 years if the country uses a driving licence also as an ID. Truck and bus licences will have to be renewed every 5 years. EU countries will also be able to shorten the validity of driving licences for people above 65 years. All EU countries will have to request a medical examination or a self-assessment when issuing driving licences, and a probationary period of minimum of two years will be introduced for new drivers. During this time, stricter rules or sanctions will apply for driving under the influence of alcohol or drugs. EU citizens living in another EU member state than their own will be able to take tests and get a licence in the country citizenship, in case of language issues. The new directive will also allow the EU-wide recognition of EU licences issued to residents in exchange of driving permits of third countries with similar safety rules. The Commission will have to draw a list of safe countries in this regard. Currently, such driving licenses are marked with code '70' and don't have to be recognised across the EU. These measures are part of the so-called 'Road safety package' which aims to halve road deaths by 2030 and includes also an update of rules on the cross-border exchange of information on traffic offences.
