ONE Youth Ambassadors and the fight for transparency
As ONE Youth Ambassador,
I was asked to write an article following the adoption of the 5th Anti-Money Laundering Directive by the European Parliament and how me and my fellow ONE Youth Ambassadors have contributed. This was an important step to fight corruption and to increase the transparency of the global markets. Read below the published article or directly at the ONE Campaign website.
ONE Youth Ambassadors and the fight for transparency
By Liliana Caraça, ONE Youth Ambassador
We started with great energy last year with a lobby day at the European Parliament.
14 YAs from all 7 of our YA programmes across Europe (and from 11
different nationalities) came together in Brussels to discuss the need
for transparency with MEPs. We had 24 meetings with MEPs from 6 of the
political groups to talk about transparency and what action the EU can
take in the fight against corruption.
Developing countries lose an estimated 1 TRILLION USD every year through
a web of secret and illicit activities. Today, the EU adopted new rules
against money laundering which will strengthen the fight against
corruption and terrorism financing by making public who owns and
controls EU companies. In addition, these rules have the potential to
transform the lives of millions of people living in extreme poverty!
So, how did the ONE Youth Ambassadors help make that happen?
In 2017, my fellow ONE Youth Ambassadors (YAs) and I campaigned
relentlessly with decision makers to ensure these new rules were
adopted. We used our voices to ask Members of the European Parliament
(MEPs) and 28 EU countries to agree to a deal that would shine the light
on anonymous companies and trusts and publicise key information that
undermines the future of millions of people living in extreme poverty.
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And it was a great success! Following our meetings, MEPs supported
full public access to who owns companies and trusts during the
negotiations of the new rules with EU countries.
In the following months, we continued to contact MEPs and EU
ministers at key moments during the negotiations of the text. In May, we
wrote handwritten letters to our EU Finance ministers urging them to
take action against anonymous companies and trusts. In addition, ONE
members helped amplify our message by signing petitions pressing for
more transparency and sending emails to politicians. In total, 3324 ONE
members emailed their Finance ministers!
Throughout the year, we put all of our energy into emailing,
tweeting, talking to and meeting politicians who have the power in their
hands to decide for more transparency. It was all worth it because we
won!
Today the European Parliament adopted the Directive — after a deal was first agreed in December
— which establishes how the information about who owns and controls EU
companies — also known as ‘beneficial owners’ — will be made public.
However, the new rules stop short of providing public access to the ownership structure of trusts
– similarly secretive structures. Instead, information on trusts will
be limited to people who can demonstrate a ‘legitimate interest’,
including investigative journalists and NGOs.
Overall, the new rules represent progress in the fight for greater transparency but there is still more we can do. When
implementing the new rules, EU Member States need to step up and go
further than the EU Directive making the beneficial owners of trusts
publicly available as well.
As ONE Youth Ambassadors, we will continue our fight against extreme
poverty and are excited to know that our actions and voices have been
heard. We are proud to have played a role in securing this important
legislation and will keep on championing the need for greater
transparency. We cannot be silent when funds are kept from being
invested in the health, education and public services that are so needed
in countries around the world.
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