Stronger Rules against Terrorism Financing and Money Laundering

The EU wants to reinforce rules on anti-money laundering to counter terrorist financing and increase transparency about who really owns companies.

How did we get here?

This legislation was triggered by several international developments that happened over the world in the past year, such as the terrorist attacks in Paris and Brussels as well as the Panama Papers revelation. Because of these incidents the European Commission decided to change the so-called 4th Anti-Money Laundering Directive (4AMLD) from May 2015 and tighten the rules against money laundering and terrorism financing (as part of a wider Action Plan against terrorism).


Why is this important for me?

Because these rules are supposed to make it easier to track down people who hide their finances and keep terrorists from funding their activities. Also, the measures shall increase the transparency of international financial transactions in order to avoid that people evade taxes by shifting their money to tax havens such as Panama.


What's the content?

The main changes to the 4AMLD through the new proposal by EU Financial Affairs Commissioner Pierre Moscovici are:


What's happening with this legislation in the future?

The matter is dealt with by the Parliament's Civil Liberties Committee and Monetary Affairs Commitee (it's a joint report) who agreed on their position in March 2017. For the Council, the ministers for economic and financial affairs are responsible who also came up with a negotiation position. Trilogues were wrapped up in December 2017 with an agreement which still needs to be confirmed by formal votes. The directive requires a qualified majority for adoption by the Council (16 of 28 member states & 65% of EU population), while the EP must also agree.


Related Bills:

Public list of company owners to fight money laundering

Fighting the trafficking of firearms

Use of Flight Passenger Data

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