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

politixNew visa rules for EU travellersReduced share of biofuels in energy mixFruit, vegetables and milk for European StudentsBan on all kind of driftnet fisheriesToo big to fail: Structural Reform of EU Banking SectorA European Platform to fight undeclared workA pan-European Pension System Fighting the trafficking of firearmsA New Waste Management System in the EUFinancial Transaction Tax: Making banks pay for the crisisLess Plastic Bags for EuropeEliminating roaming, securing net neutralityRight2Water: Water and sanitation as human rightEnforceable Flight Rights for Air PassengersPublic list of company owners to fight money launderingMore Possibilities for the Restriction of GMOsEuropean Solidarity CorpsTightened rules for safer and cleaner carsSafer Ship TravelsProtecting fish and marine ecosystemsUpdated European data protection laws Resettlement of Migrants in the EUSafety standards for new kinds of CablewaysCheaper cross-border Parcel DeliveryCross-border enforcement for speeding & traffic offencesEU-wide Minimum Standards for FrackingEuropean statistics relating to persons and householdsUpdated Rules for Audiovisual MediaNew Food Labeling RulesAccess to a Basic Bank Account for EveryoneA New Copyright Regime for EuropePollen as specific 'Ingredient' or Natural Honey Component?Circular Economy: Reducing waste in EuropeRules for cross-border divorcesBetter Management of Asylum FlowsAn Entry-Exit System for External European BordersResolution on Sexual and Reproductive HealthCloning of animals New Rules for Tobacco Products and PackagingOrganic production and labelling of organic productsSimpler Rules for VAT in EcommerceLess Greenhouse Gas Emissions for the EUUpdated rules on 'novel foods'Free Wi-Fi for EverybodyEnsure safe and secure air travelBetter Checks of EU Citizens at External BordersUse of Flight Passenger Data Posting of workersBetter Connectivity and super-fast InternetReduced Flush Volume for ToiletsNew rules on privacy in electronic communicationMinimum standards for children accused in courtMore Security in EU Partner CountriesBetter Cooperation among Consumer Protection AuthoritiesEuropass - Better online tools for your job huntStricter Rules for the Export of potentially Dangerous GoodsBetter Protection from Cancer at WorkStrategy Against Discrimination of LGBTI Persons Better protection for children of international couplesCreation of a European Union Agency for AsylumNew consumer rules when (online) shoppingProviding Services more easily across bordersA new electoral law for the European ParliamentBetter access to books for the blindBetter EU access for highly skilled workersCross-border portability: Access to streaming services from abroadMaking products & services more accessible for disabled peopleReducing pollutant emissions from carsConsumer rights for downloads and streaming services Improving the exchange of information on criminalsGeoblocking: Less consumer discrimination onlineBetter energy labels on electronic productsUpdated energy efficiency rulesA European ESTABetter protection for your moneyEuropean Year of Cultural Heritage 2018Creating a European Border and Coast GuardWork-Life Balance for allMore renewable energyEmpowering electricity consumersReducing administrative burden for EU citizens