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Legislative proposals on financial crime

Legislation in force

New Proposal

On 5 July 2016 the European Commission presented a new proposal for a Directive amending Directive 2015/849:

See also :

See also :

In September 2005 and February 2006 the Commission published two working documents related to this directive inviting the public to send their comments.

Non-EU country equivalence

Under Article 11(4) of Directive 2005/60/EC, EU countries must inform each other, the EU supervisory authorities and the Commission whenever they believe a non-EU country meets anti-money laundering/CFTs standards equivalent to those of the EU. Such equivalence is necessary to make it possible to apply some of the directive’s rules on issues such as simplified due diligence.

In the context of this obligation and to coordinate their approach on equivalence, EU countries have agreed a list of equivalent non-EU countries, which will be regularly assessed. It was established in accordance with a Common Understanding agreed by the EU countries on the procedure and criteria for the recognition of equivalence of non-EU countries.

The Commission has agreed to publish this list on its website. However, assessing non-EU country equivalence remains the prerogative of individual EU countries. Under Directive 2005/60/EC, the Commission has no mandate to establish a binding “positive” list of equivalent non-EU countries.

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