AMLR is coming | European AML-plans

Anti-money laundering is on the agenda of the Economic and Financial Affairs Council (ECOFIN) of 5 December 2019:

Conclusions on strategic priorities on anti-money laundering and countering the financing of terrorism > +/- 12.10 webcast

In a press release the theme is explained as follows:

Money laundering
The Council is expected to adopt conclusions on anti-money laundering and countering the financing of terrorism. The aim is to guide the Commission’s future work in this area, in particular to:

• consider ways to harmonise anti-money laundering rules
• enhance anti-money laundering supervision across the EU

After many institutions, like the ECB, asking for a Anti-Money Laundering Regulation (AMLR) and for more harmonisation on anti-money laundering (AML), it is to  be expected ECOFIN will take the decision to prepare AMLR and more harmonisation.

Harmful one-size-fits-all approach
It means that the one-size-fits-all approach of AML that is already doing much harm on national level, will cause even more problems when standardized concepts will used in all jurisdictions. To my opinion Europe should concentrate on the basics, like adequate trade registers in all EU-countries, instead of going further on inadequate AML-concepts that hurt people and SME’s.

 

More information:


Addition 6 December 2019
Read this post on the ECOFIN conclusions.

Over Ellen Timmer, advocaat ondernemingsrecht @Pellicaan

Verbonden aan Pellicaan Advocaten, http://www.pellicaan.nl/, kantoor Rotterdam, telefoon 088-6272287, fax 088-6272280, e-mail ellen.timmer@pellicaan.nl ||| Weblogs: algemeen: https://ellentimmer.com/ || modernisering ondernemingsrecht: http://flexbv.wordpress.com/
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