Brussels: Europe and the Arabs
It was announced in Brussels early Thursday morning that a temporary agreement had been reached between the Council of Member States of the European Union on the one hand and the European Parliament on the other hand regarding parts of the anti-money laundering package that aims to protect European Union citizens and the European Union financial system from money laundering. And terrorist financing.
“This agreement is an integral part of the new EU anti-money laundering regime. It will improve the way national anti-money laundering and terrorist financing systems are organized and work together. This will ensure there is no room for fraudsters, organized crime and terrorists.” It was left to legitimize its revenues through the financial system.
With the new package, all rules applicable to the private sector will be transferred to a new regulation, while the Directive will deal with the regulation of institutional systems for combating money laundering and terrorist financing at the national level in Member States.
For the first time, the Interim Agreement on Anti-Money Laundering Regulation comprehensively harmonizes rules across the EU, closing potential loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system.
Agreement on the Directive will improve the regulation of national anti-money laundering systems.
Next steps
The texts will now be finalized and submitted to representatives of member states in the Committee of Permanent Representatives and the European Parliament for approval. If approved, the Council and Parliament will have to formally adopt the texts before they are published in the Official Journal of the European Union and come into force.
It is noteworthy that on July 20, 2021, the Commission presented its package of legislative proposals to strengthen European Union rules on anti-money laundering and combating the financing of terrorism (AML/CFT). This package consists of:
The regulation creates a new EU anti-money laundering authority (AMLA) which will have powers to impose sanctions
A regulation that rewrites the Money Transfer Regulation which aims to make crypto asset transfers more transparent and fully traceable
Regulation of anti-money laundering requirements in the private sector
Guidance on anti-money laundering mechanisms