The AML package is being rushed through by Europe without getting the publicity and legal attention it deserves. In the Netherlands the questions asked by members the Dutch parliament show that they have no idea what is coming and that citizens’ fundamental rights will be violated (read my article).

The elements of the package are being piloted through the European bodies in batches to ensure that interested parties lose track.

Cryptocurrency
Yesterday the European Council announced a provisional agreement on transparency of crypto asset transfers (part of the proposal to update existing rules on information accompanying transfers of funds). The crypto assets deals was also announced by the committees of the European Parliament. From the announcement of the Council:

In particular, the new agreement requires that the full set of originator information travel with the crypto-asset transfer, regardless of the amount of crypto assets being transacted. There will be specific requirements for crypto-asset transfers between crypto-asset service providers and un-hosted wallets.

It shows that crypto-currencies are recognised as money and are treated in the same way (or even more strictly) than money.

EU authority for anti-money laundering (‘AMLA’)
Further the Council announced the agreement on its partial position on the new EU authority for anti-money laundering (‘AMLA’). This is more important than the cryptocurrency rules, as AMLA will be the new authoritarian rule-setter in the EU that will have consequences for the many SMEs that are ‘obliged entities’ under AML/CFT-law and for all clients of obliged entities, that possibly will be confronted by even more de-risking behaviour of obliged entities.

More information:

AMLA / AMLAR

• New EU Authority for Anti-money laundering: Council agrees its partial position, Council 29 June 2022.
• Council position (pdf), 29 June 2022.

Transfer of funds, cryptocurrency

• Anti-money laundering: Provisional agreement reached on transparency of crypto asset transfers, Council 29 June 2022.
• Crypto assets: deal on new rules to stop illicit flows in the EU, European Parliament, the ECON + LIBE committees 29 June 2022.
• Anti-money laundering: Council agrees its negotiating mandate on transparency of crypto-asset transfers, Council 1 December 2021.

My general page on the AML package is to be found here. Articles are found with the AML Package tag.