Anti-money laundering (AML)
There is a renewed momentum from the European Commission to fight money laundering and counter terrorist financing. EFAMA supports the Commission’s objectives of the Action Plan on Anti-Money Laundering and is also engaged in the international work of the Financial Action Task Force (FATF) to contribute to the global security and integrity of the financial system.
However, EFAMA and its members are keen to ensure that future EU AML supervision work takes into account the wide range of business models related to the distribution of investment funds.
EFAMA's views on the Anti-Money Laundering Package
FATF Consultation on Recommendation 24
EFAMA welcomes the work of the FATF in reviewing and reinforcing its existing recommendations to ensure that these remain fit for purpose in tackling global financial crime.
EFAMA’s Views on the Anti-Money Laundering Package
As the European Union’s financial system has become more complex, it has also opened the door to new risks of money laundering and terrorist financing. EFAMA supports the new regulatory package proposed by the Commission on 20 July 2021, believing this initiative will make strides in ensuring that no loopholes or weak links in the internal market allow criminals to use the EU to launder the proceeds of their illicit activities.
Please download the PDF file above for more details.
New AML package needs clear rules that help identify beneficial owners
The European Parliament and Council are currently finalising their views on the European Commission’s anti-money laundering (AML) package proposal. In addition to the much publicized debate around the location of the new AML Authority, there are even more important elements being discussed which aim to curb money laundering and counter the financing of terrorism (CFT).
