New EU rules on Anti-Money Laundering

New EU rules on Anti-Money Laundering

Tuesday, 27 July, 2021

The Commission released an Action Plan for a comprehensive Union strategy on anti-money laundering and counter-terrorism funding on May 7, 2020.

 

The Commission committed to six goals or pillars in that Action Plan to enhance the EU's regulations on taking legal action against money laundering and terrorist funding and their implementation:

 

  1. Ensuring that the EU's current anti-money laundering and counter-terrorist financing framework is implemented effectively.
  2. Establishing a unified EU AML/CFT rulebook
  3. Establishing EU-wide AML/CFT oversight
  4. Creating a support and collaboration system for FIUs.
  5. Enforcing EU-level criminal law requirements and information exchange, and 
  6. Strengthening the EU AML/CFT framework's international dimension.

 

Regulation (EU) 2015/84713 was adopted to ensure full traceability of transfers of funds, ensuring the transmission of information throughout the payment chain, by providing for a system requiring payment service providers to accompany transfers of funds with information to prevent, detect, and investigate their possible use for money laundering and terrorist financing. However, Regulation (EU) 2015/847 presently only applies to the transfer of monies, which are described in point (25) of Article 4 of Directive as "banknotes and coins, scriptural money, and electronic money."

 

The Regulation will enter into force twenty days after it is published in the Official Journal.

 

Sources:

https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/13148-Revision-of-EU-rules-on-Anti-Money-Laundering-recast-of-a-former-instrument-_en

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