EU PROPOSAL FOR A REGULATION TO FIGHT MONEY LAUNDERING AND COUNTER TERRORIST FINANCING

A research briefing from the EU Parliament Research Service on 20 December said that in July the European Commission presented a package of legislative proposals in the area of AML/CFT. The package includes a proposal for a Regulation on preventing the use of the financial system for money laundering or terrorist financing. 

https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/698862/EPRS_BRI(2021)698862_EN.pdf

EU IMPACT ASSESSMENT: AML PACKAGE

Also on 20 December, the EU Parliament Research Service published this document which covers 4 EU Commission proposals on AML/CFT.  The legislative package includes major changes designed to strengthen and tackle shortcomings in the current regulatory framework, such as the creation of a new AML authority. This document analyses the strengths and weaknesses of the impact assessment accompanying the proposed revisions. The Commission consulted a wide range of stakeholders to support the initiative.

https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/699467/EPRS_BRI(2021)699467_EN.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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