27.07.2021

European Commission presents package to strengthen EU anti-money laundering and counter-terrorist financing regulations

Monika Macura
Michał Barwicki

20.07.2020 r. The European Commission has presented a package of legislative proposals. They aim to strengthen EU anti-money laundering and counter-terrorist financing (AML) regulations. In particular, the package aims to improve the detection of suspicious financial activities, as well as to close identified loopholes in this area.

 

The package presented includes four legislative proposals:

  • a regulation which will establish a new EU AML authority,
  • a regulation on the prevention of money laundering and terrorist financing,
  • the 6th Directive on money laundering and terrorist financing,
  • revision of the Regulation on information accompanying transfers of funds.

The most important initiative is certainly the creation of a new EU AML authority. Its main objective will be to ensure better coordination of supervisory activities within the EU, the establishment of a single integrated supervisory system, and direct supervision of some of the riskiest financial institutions. The European Commission has also paid a lot of attention to the cryptocurrency sector. Under the presented initiative, it is to be fully subject to AML regulations. There is also no doubt that the whole package of proposals is aimed at harmonizing AML regulations across the EU. The European Commission rightly saw the need for better harmonization of national provisions in this area.

Further legislative work on the package will be conducted by the European Parliament and the Council. The European Commission anticipates that the new AML authority could start work in 2024.

The Foundation conducts legal publishing activities free of charge
[FM_form id="3"]

Contact

KWKR Konieczny Wierzbicki and Partners Law Firm
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Administratorem Twoich danych osobowych jest KWKR Konieczny Wierzbicki i Partnerzy S.K.A. z siedzibą w Krakowie, ul. Kącik 4, 30-549 Kraków.
Przetwarzamy Twoje dane wyłącznie w celu udzielenia odpowiedzi na wiadomość przesłaną przez formularz kontaktowy i dalszej komunikacji (co stanowi nasz prawnie uzasadniony interes) – przez czas nie dłuższy niż konieczny do udzielenia Ci odpowiedzi, a potem przez okres przedawnienia ewentualnych roszczeń. Masz prawo do żądania dostępu do swoich danych osobowych, ich kopii, sprostowania, usunięcia lub ograniczenia przetwarzania, a także prawo wniesienia sprzeciwu wobec przetwarzania oraz wniesienia skargi do organu nadzorczego. Więcej szczegółów znajdziesz w naszej Polityce Prywatności.
Warszawa

Rondo ONZ 1,

00-124 Warszawa

+48 12 3957161

kontakt@kwkr.pl