Commission is requested to consider AMLR | conclusions ECOFIN

On 5 December the press release regarding the latest ECOFIN meeting was published.

The conclusions point to significant recent enhancements to the AML regulatory framework. The implementation of the 5th revision of the AML directive, adopted in May 2018, the new capital requirements directive for banks (CRD5), adopted in May 2019, as well as the review of the functioning of the European Supervisory Authorities, adopted on 2 December, will all strengthen the rules on tackling money laundering and terrorist financing.

In the Council’s conclusions on strategic priorities on anti-money laundering and countering the financing of terrorism (pdf), one of the conclusions concerns an Anti-Money Laundering Regulation (AMLR):

18. INVITES the Commission to further explore actions to enhance the Union’s anti-money laundering and countering the financing of terrorism framework, including by considering whether some aspects could be better addressed through a regulation, and by exploring the opportunities and challenges in using technological innovation in combatting money laundering and countering the financing of terrorism.
INVITES the Commission to prioritize the financial sector but to also consider further enhancements to the framework for certain areas of the non-financial sector, while taking into account the impact of the implementation of the recently introduced legal framework.

A complete version of the conclusions:

In this context, THE COUNCIL:

13. URGES all Member States to swiftly complete the transposition of all relevant Union legislation in this area and to strengthen the effective implementation and application thereof as soon as possible.

14. CALLS on all relevant parties to complete the actions detailed in the Action Plan on Anti- Money Laundering of December 2018.

15. CALLS for efforts to be stepped up to obtain recognition of the supranational nature of the European Union’s anti-money laundering and countering the financing of terrorism legal framework by the FATF and MONEYVAL, while also noting that international standards should continue to be incorporated into EU law in a timely and comprehensive manner to ensure full and even compliance throughout the internal market.

16. INVITES the Commission to thoroughly assess, as a matter of priority, any possible restrictions stemming from existing legislation, or lack thereof, with regard to efficient information exchange and cooperation among all relevant competent authorities involved in the implementation and supervision of the Union’s anti-money laundering and countering the financing of terrorism framework, and INVITES the Commission to present, if appropriate, legislative proposals to address its findings.

17. INVITES the Commission to further consider the possibility of creating a coordination and support mechanism that encourages and facilitates the cross-border work of Financial Intelligence Units, including through enhancing strategic cooperation and promoting joint analyses.

18. INVITES the Commission to further explore actions to enhance the Union’s anti-money laundering and countering the financing of terrorism framework, including by considering whether some aspects could be better addressed through a regulation, and by exploring the opportunities and challenges in using technological innovation in combatting money laundering and countering the financing of terrorism.
INVITES the Commission to prioritize the financial sector but to also consider further enhancements to the framework for certain areas of the non-financial sector, while taking into account the impact of the implementation of the recently introduced legal framework.

19. INVITES the Commission to consider various ways to ensure high quality and consistent anti-money laundering supervision throughout the Union, while paying particular attention to the robustness and efficiency of enforcement practices, also when cross-border aspects and cooperation among authorities are involved.

20. INVITES the Commission to explore in particular the possibilities, advantages and disadvantages of conferring certain responsibilities and powers for anti-money laundering supervision to a Union body with an independent structure and direct powers vis-à-vis certain obliged entities chosen by the EU body in accordance with a risk-based approach, taking into account cross-border aspects, and based on a comprehensive analysis, to present legislative proposals in that regard in parallel to efforts to achieve a higher level of harmonization through an AML regulation.

21. INVITES the Commission to work on the actions outlined above in close consultation with Member States and to report every six months, starting with June 2020.

 

All posts on AMLR on this blog

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/ ||| Motto: goede bedoelingen rechtvaardigen geen slechte regels
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