New EU measures against money laundering and terrorist financing
On 28 March 2023, the European Parliament announced that MEPs have approved stricter rules to close existing gaps in combatting money laundering, terrorist financing and evasion of sanctions in the EU.
MEPs from the Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs Committees adopted their position on three pieces of draft legislation on the financing provisions of EU anti-money laundering and countering the financing of terrorism (AML/CFT) policy. The European Parliament will be ready to start negotiations on the AML/CFT package after a confirmation during a plenary session in April.
The package consists of:
- The regulation establishing the European Anti-Money Laundering Authority with supervisory and investigative powers to ensure compliance with AML/CFT requirements.
- The EU ‘single rulebook’ – regulation – with provisions on conducting due diligence on customers, transparency of beneficial owners and the use of anonymous instruments, such as crypto-assets, and new entities, such as crowdfunding platforms. It also includes provisions on so-called ‘golden’ passports and visas.
- The 6th Anti-Money Laundering – directive – containing national provisions on supervision and Financial Intelligence Units, as well as on access for competent authorities to necessary and reliable information, e.g. beneficial ownership registers and assets stored in free zones.
- MEPs agreed that beneficial ownership means having
- 15% plus one share, or voting rights, or other direct or indirect ownership interest, or
- 5% plus one share in the extractive industry or a company exposed to a higher risk of money laundering or terrorist financing.”
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