Commission will propose changes to Anti-money laundering and fund transfer legislation

Commission will propose changes to Anti-money laundering and fund transfer legislation
  • Start date : 05/02/2013 00:00:00
  • End date : 05/02/2013 23:59:59
  • Where : Brussels, Belgium

European Commission, Economy, finance, tax and competition, Business

The news:

The Commission will present two proposals for legislation to further strengthen the EU’s defences against money laundering and terrorist financing, helping to ensure the soundness, integrity and stability of the financial system. The proposals will update and improve the EU’s existing Third Anti-Money Laundering Directivepdf and the Fund Transfers Regulationpdf, and will be sent to the European Parliament and the Council for adoption.


The background:

The existing EU Anti-money laundering Directive dates back to 2005. In light of the changes to international standards adopted by the Financial Action Task Force (FATF) – the world anti-money laundering body - in February 2012 (see MEMO/12/113 Choose translations of the previous link  ), existing EU rules need to be updated and strengthened. The Commission conducted its own assessment of the existing rules and published an application report in April 2012 (see IP/12/357 Choose translations of the previous link  ).

The Fund Transfer regulation dates back to 2006, and implements into EU law the FATF's Special Recommendation VII (SRVII) – aimed at ensuring full traceability of transfers of funds with the objective of combating money laundering and terrorist financing. In February 2012, FATF updated its standards – including SRVII. At the end of 2011, the Commission conducted a review of the Fund Transfer Regulation, the results of which have been taken into account in preparing the legislative proposal.


The event:

A technical briefing off the record under embargo will be given at 11.30 in the press room.

IP and MEMO will be available on the day.