Legislative proposals on financial crime
Legislation in force
- Directive (EU) 2015/849 on preventing the use of the financial system for money laundering or terrorist financing (4th Anti-Money Laundering Directive) – seeks to protect credit and financial institutions against these risks.
- 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.
On 5 July 2016 the European Commission presented a new proposal for a Directive amending Directive 2015/849:
- Press release
- Proposal for amending Directive
- Impact assessment (summary)
- Impact assessment (full version)
See also :
- Delegated Act identifying high-risk countries
- Action Plan to strengthen the fight against terrorist financing
- Adoption of the 4th Anti-Money Laundering Directive
- Proposal for a Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
- Proposal for a Regulation on information accompanying transfers of funds
- Frequently Asked Questions
- Impact assessment:
- Citizens’ summary
Commission Directive 2006/70/EC sets out measures to implement Directive 2005/60/EC as regards:
- the definition of “politically exposed persons”
- the technical criteria for “simplified customer due diligence procedures”, and exemption on the grounds that a given financial activity is occasional or very limited in scope.
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.
- Summary of comments received on the 2nd working document
- Comments on the 2nd working document
- 2nd DG Internal Market Services’ Working document
- Summary of comments received to the 1st working document
- Comments on the 1st working document
- 1st working document
- FATF international standards on combating money laundering and the financing of terrorism (February 2012).
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.