The European Union has unveiled a proposal aimed at cracking down on corruption in the bloc. The EU has come up with a plan for a “blacklist” that will penalize non-EU individuals suspected of corruption worldwide.
The European Commission has proposed that the assets of individuals and entities who committed “serious acts of corruption” would be frozen in the EU and barred from the bloc.
However, the proposals still need to be ratified by the EU’s 27 member states.
The proposed mechanism is similar to the US Magnitsky act, which punishes foreign government officials implicated in corruption or human rights abuses.
The EU’s new mechanism will allow it to impose sanctions when acts of corruption seriously affect or risk affecting the objectives of the EU’s common foreign and security policy.
EU foreign policy chief, Josep Borrell, stated that “the EU is not open for business to those who engage in corruption, wherever that occurs.”
Serious acts of corruption, including bribery of a public official and embezzlement of public funds, will be included in the commission’s definition. The proposals also aim to combat money laundering and terrorism financing.
The EU already implemented a mechanism in late 2020 that sanctions individuals responsible for “serious violations of human rights” around the world.
Once the foreign policy chief formally proposes a name, an individual will be added to the EU’s “blacklist” and will be able to challenge the decision at the European Court of Justice.
