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Comuniq.EU – Anti-Money Laundering

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by Keith Zahra

 

Interconnected registers of beneficial owners, a preventive blacklisting policy and effective sanctions are among tools proposed by MEPs to stop money laundering.

MEPs want the Commission to address the persisting lack of quality data to identify ultimate beneficial owners by setting up interconnected and high-quality registers in the EU with high standards of data protection. They also want to widen the scope of supervised entities to include new and disruptive market sectors such as crypto-assets. Finally, MEPs reiterate that non-cooperative jurisdictions and high-risk third countries must be immediately blacklisted, while creating clear benchmarks and cooperating with those undertaking reforms.

MEPs also called for the mutual recognition of freezing and confiscation orders to be enforced. This would make criminal assets easier to recover across borders and enable swift cross-border cooperation. In addition, they want the European Central Bank to be able to withdraw the licences of any banks operating in the euro area that breach AML/CTF obligations, independently of the assessment of national AML authorities.

 

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