Financial market fraudsters across the EU could face jail from next year under tougher EU-wide banking rules approved unanimously today. Alrene McCarthy (S&D), responsible for steering this legislation through EU Parliament, said that the EU cannot be seen to be a safe haven for perpetrators of market abuse. Thus, for the first time EU-wide criminal sanctions are introded. McCarthy states, “The real lesson to be learnt from this crisis is the need to focus on putting in place rules and sanctions to prevent crises, and not scrambling and reacting after the banks have yet again undermined people’s confidence and trust in the markets.” (Sources: EP News)
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