AML: New amendments to the 4th anti-money laundering directive | Supranational risk assessment by European Commission

Council of Bars and Law Societies of Europe (CCBE) writes in its June newsletter on the latest developments in regard of anti-money laundering and anti-terrorist financing legislation:

New amendments to the 4th anti-money laundering (AML) directive

On 5 July, the Commission will present a legislative proposal to amend the 4th AML Directive.

The Commission presented an inception impact assessment on the expected proposal on 7 April 2016, which sets out measures the Commission intends to propose, and possible alternatives. Certain shortcomings in the current legislative framework are identified as the following: (a) Member States have different approaches towards high-risk countries, (b) virtual currencies are difficult to trace, (c) terrorists can make use of anonymous prepaid cards, (d) there are divergent interpretations of international standards, or fragmentation regarding the competence, powers or cooperation of Financial Intelligence Units (FIUs), and (e) FIUs have delayed access to information. The Commission believes that, should Member States take individual action to strengthen the fight against terrorist financing, this would create an uneven playing field between Member States, which terrorists could then exploit. The Commission further believes that improving the implementation and enforcement of existing legislation could address the aforementioned problems, since these relate to new emerging threats.

From a CCBE point of view it is expected that there will be proposals that will impact on beneficial ownership provisions and Trusts. The CCBE Secretariat is following developments, and is in contact with the Commission.

European Commission – supranational risk assessment

The European Commission is undertaking a Supranational Risk assessment on money laundering and terrorist financing. A “Supranational risk assessment” is a Commission tool which is required under EU law to understand risks and to elaborate policies for the legal sector and other sectors which address the risk of money laundering and terrorist financing. The Commission is undertaking two tasks (a) conducting an assessment of the money laundering/ terrorist financing risks affecting the internal market relating to cross-border activities i.e. identification, analysis and evaluation of these risks and (b) following the assessment, making recommendations to Member States on the measures suitable to address those risks on a “comply or explain” basis. The CCBE is following developments.

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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