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PACE suggests ways of curbing the underground economy

PACE Standing Committee, meeting in Edinburgh, today suggested a series of measures for curbing shadow economic activities - in particular economic crime - which it considers constitute a threat to democracy, competitiveness and strong economic performance.   In a resolution adopted on the basis of the report by Viktor Pleskachevskiy (Russian Federation, EDG),  the Assembly called on member states to evaluate the extent of shadow economic activities, adjust their regulatory systems – for example concerning taxation and labour – strengthen electronic monitoring of money flows and increase scrutiny of business transactions involving the use of offshore financial centres' services. PACE also recommended improving information exchange between monitoring, investigating and prosecuting bodies at the local, regional, national and international levels.