UK wants to impose penalties for Facebook, Google and Twitter up to 10 percent of their global income reports Financial Times .
Under a new law drafted by the British government, tech giants must promptly remove and restrict the distribution of illegal content. For non-compliance with these and other requirements, they face multi-billion dollar fines. For example, Facebook may charge up to $ 7.1 billion, and Google – $ 16 billion.
London will work with the UK Competition and Markets Authority (CMA) to create a new digital markets division to monitor compliance. The department will be able to subject companies to financial sanctions for non-compliance with the law.
Earlier it became known that European Union decided to toughen requirements for technology companies. The EU aims to limit their market dominance. Giants may be required to share data with competitors and be more transparent. The measures being developed are related to complaints that the current regulatory regime in Europe does not fully support market competition.