EU WILL CREATE A DEDICATED ANTI-MONEY LAUNDERING AUTHORITY (AMLA)

On 29 June, a news release from the EU advised that the EU Council has agreed its partial position on the proposal.  The Council has added powers to the Authority to directly supervise certain types of credit and financial institutions, including crypto asset service providers, if they are considered risky.  It also entrusts the Authority to supervise up to 40 groups and entities – at least in the first selection process – and to ensure a complete coverage of the internal market under its supervision. More powers are also given to the general board in the governance of AMLA.  The Council’s position is partial as it has not yet agreed on the location at which the new Authority will be based.  This proposal is part of a package of legislative proposals to strengthen the EU AML/CFT rules, presented by the Commission on 20 July.

https://www.consilium.europa.eu/en/press/press-releases/2022/06/29/new-eu-authority-for-anti-money-laundering-council-agrees-its-partial-position/

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https://www.buymeacoffee.com/KoIvM842y

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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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