Europol and banks need more power to share information in the hunt for criminal money, European Home Affairs Commissioner Ylva Johansson said.The Commission is considering legislation to boost Europol’s data-sharing authority.
“I see some shortcomings in the mandate for Europol right now when it comes to exchanging information with private companies like banks,” Johansson said. “This is one of the issues that we are looking closely into, whether we could have an ability to change that.”
Limits on Europol’s data exchange with other organizations and across borders hinder its ability to seize criminals’ cash, Executive Director Catherine De Bolle said at the event with Johansson.
EU law enforcement now confiscates about €1.2 billion a year from organized crime networks — just 1.1 percent of their €110 billion estimated profits.
“We need a closer cooperation with banks,” De Bolle said, adding Europol can swap only “tactical info” with them.
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