12/21/2023 0 Comments Money laundering![]() ![]() improve the cooperation and enhance of information between anti-money laundering supervisors between them and between them and prudential supervisors and the European Central Bank.set up central bank account registries or retrieval systems in all Member States.broaden the criteria for the assessment of high-risk third countries and improve the safeguards for financial transactions to and from such countries.limit the anonymity related to virtual currencies and wallet providers, but also for pre-paid cards.enhance the powers of EU Financial Intelligence Units, and provide them with access to broad information for the carrying out of their tasks.enhance transparency by setting up publicly available registers for companies, trusts and other legal arrangements.These amendments introduced substantial improvement to better equip the Union to prevent the financial system from being used for money laundering and for funding terrorist activities. The Member States had to transpose this Directive by 10 January 2020. On 19 June 2018 the 5 th anti-money laundering Directive (Directive (EU) 2018/843), which amended the 4 th anti-money laundering Directive, was published in the Official Journal of the European Union. Regulation (EU) 2015/847 on information on the payer accompanying transfers of funds – makes fund transfers more transparent, thereby helping law enforcement authorities to track down terrorists and criminals.īoth instruments take into account the 2012 recommendations of the Financial Action Task Force (FATF), and go further on a number of issues to promote the highest standards for anti-money laundering and to counter the financing of terrorism.Directive (EU) 2015/849 on preventing the use of the financial system for money laundering or terrorist financing (4 th anti-money laundering Directive).In 2015, the EU adopted a modernised regulatory framework encompassing This legislation has been constantly revised in order to mitigate risks relating to money laundering and terrorist financing. identify and verify the identity of clients, monitor transactions and report suspicious transactions). It provides that obliged entities shall apply customer due diligence requirements when entering into a business relationship (i.e. The European Union adopted the first anti-money laundering Directive in 1990 in order to prevent the misuse of the financial system for the purpose of money laundering. Traceability of financial information has an important deterrent effect. It is essential that gatekeepers (banks and other obliged entities) apply measures to prevent money laundering and terrorist financing. EU legal framework on anti-money laundering and countering the financing of terrorism
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