CC BE on the draft AML directive: “Will the changes ensure more effective AML regimes? I doubt it. But likely to result in excessive costs and unnecessary compliance requirements disproportionate to the risks involved.”

On 15 March 2013, the European Commission organised a one-day conference on the new proposals of the Commission (see on this weblog also this page). On this page of the European Commission more information can be found.

The representant of the European lawyers’organisation CC BE said the following in her presentation and concluded that the new measures are “likely to result in excessive costs and unnecessary compliance requirements disproportionate to the risks involved“.

What has changed?
• The FATF Recommendations 2012
• Proposal for a 4th AML Directive adopted by the Commission on 5th February 2013
• The scope of activities – undertaken by the legal profession – has not changed
• Key components in respect of CDD from the 3rd Directive stay the same
• The introduction of a new recital 27 and thus an acknowledgement of the ECtHR’s decision of 6th December 2012 in the case Michaud c. France
• Enhanced CDD for politically exposed persons (PEP) is to be extended
• Record keeping requirements
• Information on Beneficial ownership
• Inclusion of tax crimes
• A stricter sanction regime including administrative fines

Will the changes ensure more effective AML regimes?
• I doubt it
• But likely to result in excessive costs and unnecessary compliance requirements disproportionate to the risks involved.

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Over Ellen Timmer, advocaat ondernemingsrecht @Pellicaan

Verbonden aan Pellicaan Advocaten, http://www.pellicaan.nl/, kantoor Capelle aan den IJssel (Rotterdam), telefoon 088-6272287, fax 088-6272280, e-mail ellen.timmer@pellicaan.nl ||| Weblogs: algemeen: https://ellentimmer.wordpress.com/ || modernisering ondernemingsrecht: http://flexbv.wordpress.com/
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