Cryptocurrency risks take center stage in EU anti-corruption push
European Parliament members have demanded enhanced mechanisms for asset recovery, as the European Commission prepares to unveil its inaugural anti-corruption strategy before year-end.
The European Commission faces mounting pressure from lawmakers to incorporate corruption vulnerabilities associated with cryptocurrency assets, non-transparent ownership frameworks and digital technologies into its forthcoming anti-corruption strategy.
On Thursday, Members of the European Parliament (MEPs) additionally pushed for more robust measures to identify, freeze, seize and recover proceeds obtained through criminal activities.
A nonbinding resolution was passed by Parliament on Thursday, setting forth its key priorities for the EC's anti-corruption strategy.
The strategy is designed to serve as a complement to the European Union's anti-corruption directive, which became effective in May. The directive creates uniformity in how corruption offenses are defined and establishes minimum penalty standards throughout the bloc.
In addition to asset recovery measures, MEPs advocated for more stringent regulations governing public procurement and grant allocation, increased harmonization of conflict of interest standards, more transparent lobbying regulations and unified rules for financing political activities. They further emphasized the need for enhanced protections for both whistleblowers and investigative journalists.
The Commission has scheduled the adoption of its anti-corruption strategy for completion by the end of 2026.