you're reading...
Institutional and Legal Affairs, PUBLICATIONS

Changes to EU anti-money-laundering rules

Money laundering has many different forms, and is a permanent threat within and outside the EU. In recent years, the EU has strengthened its anti-money-laundering framework. The Anti-Money-Laundering Directive (AMLD), which incorporates the main provisions for fighting money laundering and terrorist financing, is complemented by the Funds Transfers Regulation, which improves the traceability of actors and their assets.

Euros with handcuffs

© Gina Sanders / Fotolia

The basis for the EU framework are the requirements set by the Financial Action Task Force (FATF). Due to changes in the nature of money launderers’ activities and a desire to focus resources on higher risks, the FATF undertook a revision of its recommendations, completed in February 2012.

In parallel the Commission assessed the EU’s framework. Stakeholders had called for a more risk-based approach, the extension of the scope, and alignment with the Data Protection Directive.

In February 2013, the Commission adopted two proposals, to amend the third Anti-Money-Laundering Directive, including combining it with its Implementing Directive, and to amend the Funds Transfer Regulation. Stakeholders have welcomed the proposals in general, however, they remain critical of certain points.

Read the complete briefing here.

Discussion

Trackbacks/Pingbacks

  1. Pingback: The week on the EP Library’s blog: Impact Assessment | Library of the European Parliament - April 12, 2013

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download the EPRS App

EPRS App on Google Play
EPRS App on App Store
What Europe Does For You
EU Legislation in Progress
Topical Digests
EPRS Podcasts

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 3,088 other followers

Disclaimer and Copyright statement

The content of all documents (and articles) contained in this blog is the sole responsibility of the author and any opinions expressed therein do not necessarily represent the official position of the European Parliament. It is addressed to the Members and staff of the EP for their parliamentary work. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the European Parliament is given prior notice and sent a copy.

For a comprehensive description of our cookie and data protection policies, please visit Terms and Conditions page.

Copyright © European Union, 2014-2019. All rights reserved.

%d bloggers like this: