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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

After Qatargate, EU executive proposes corruption crackdown.

European Union Photo Credit: Kenneth European Union Photo Credit: Kenneth
European Union Photo Credit: Kenneth European Union Photo Credit: Kenneth

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On Wednesday, the European Union executive proposed new regulations to tackle corruption by harmonizing graft crime definitions and punishments and imposing fines on corrupt foreigners.

The draft EU legislation would take effect if all 27 member nations and the European Parliament, shaken last year by a massive corruption scandal involving World Cup host Qatar, accept them.

68% of EU residents said corruption was pervasive in the 2022 Eurobarometer survey. However, only 30% trusted anti-corruption efforts.

Abuse of power and corruption undermine democracy. “No EU country is immune,” said Vera Jourova, the European Commission’s democratic values deputy director.

“That’s why we think it important to act.”

The plan would require all EU nations to integrate their criminal laws, including misappropriation, abuse of function, and unlawful gain in corruption offenses beyond bribery.

The Commission recommended standardizing legal terminology and jail sentences for cross-border inquiries.

EU officials said shared aggravating conditions would include high-level corruption and law enforcement actions for a foreign power.

Establishing efficient regulations for reporting and verifying public-sector assets, conflicts of interest, and private-sector interactions strengthen preventative efforts.

The idea would create a foreign corruption blocklist outside the EU.

Like the U.S. Magnitsky Act, anyone targeted would be banned from entering the EU and having their EU assets frozen.

Jourova identified investor residency and citizenship programs and public procurement as high-risk sectors.

Commission officials seek to pass the new regulations before the EU election in a year. The idea covers EU personnel as citizens, not EU entities.

Jourova said she would propose a new ethics council for nine EU institutions, including the European Parliament, to set guidelines on taking gifts and vacations and reporting assets this month.

After last year’s incident, Belgian police accused four European Parliament members of receiving cash and gifts from Qatar to influence decisions. Qatar denies wrongdoing.


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