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This briefing will give a brief overview of the EU-Russia sanctions framework, before discussing existing EU tools for protecting its financial interests, access to beneficial ownership data and EU initiatives to ensure sanctions enforcement. It serves as background information for the CONT Committee workshop of 6 November 2023 on ‘Preventing EU funds from reaching sanctioned individuals or entities’.

The Member States have drawn up their individual national recovery and resilience plans (NRRPs, or 'recovery plans') to benefit from the Next Generation EU (NGEU) recovery instrument and its main spending tool, the Recovery and Resilience Facility (RRF), and to emerge stronger from the COVID 19 crisis. To receive RRF funding, Member States must address at least a significant subset of the country-specific recommendations (CSRs) and foster the green and digital transitions, by achieving the milestones ...

The EU blacklist of high-risk jurisdictions for money laundering is being criticised for a lack of autonomy from the FATF lists, politicisation and lobbying, and lack of transparency. The paper shows four ways to change this. More autonomy from the FATF can be reached through grey listing or merging the EU money laundering list with the EU tax list. More transparency can be reached by involving NGOs or academics to do the listing. But all these lists only look at the framework of anti-money laundering ...

In July 2021, the European Commission tabled a proposal to establish a new EU authority to counter money laundering and the financing of terrorism (AMLA). This was part of a legislative package aimed at implementing the 2020 action plan for a comprehensive Union policy on preventing money laundering and the financing of terrorism. The AMLA would be the centre of an integrated system composed of the authority itself and the national authorities with an AML/CFT supervisory mandate. It would also support ...

Crypto-assets defy existing regulations, calling for legislation to address the various risks they entail. As part of the 2021 legislative package aimed at strengthening the EU's anti-money-laundering and countering the financing of terrorism rules, the Commission proposed to revise the regulation on information accompanying transfers of funds to cover crypto-assets. During the April plenary session, the Parliament is scheduled to vote on the trilogue agreement found with the Council on the proposed ...

This collection of publications presents studies, in-depth-analyses and briefings related to Anti-Money Laundering (AML), produced or delivered by the Policy Department for Economic, Scientific and Quality of Life Policies (DG IPOL), the Economic Governance Support Unit (DG IPOL), and the Directorate-General for Parliamentary Research Services (EPRS). Combating money laundering and terrorist financing has been part of the EU and the international policy agenda for many years, with a series of reforms ...

The EU has made substantial progress in terms of protecting its citizens since the early 1990s. This has often been in response to dramatic incidents, such as murders committed by the mafia or other organised crime groups or big money-laundering scandals, or to negative trends, such as the steep increase in migrant smuggling and trafficking in human beings following the 2015 migration crisis. More recently, it was necessary to respond to the sharp rise in cybercrime, fraud and counterfeiting during ...

This study evaluates selected aspects of the Commission's AML/CFT reform package presented on 20 July 2021, focusing on two main topics. First, it analyses the AML Authority direct supervisory powers and their effectiveness. Second, it illustrates how the reform package intends to foster coordination and information sharing among the FIUs. Recommendations are provided in order to remedy the gaps and weaknesses identified. This document was provided by the Policy Department for Economic, Scientific ...

Anti-money-laundering package

Briefing 20-12-2021

The IA covers four Commission proposals on anti-money laundering and countering financing of terrorism. This legislative package includes major changes designed to strengthen and tackle shortcomings in the current regulatory framework, such as the creation of a new AML authority. This briefing analyses the strengths and weaknesses of the impact assessment accompanying the proposed revisions. The Commission consulted a wide range of stakeholders to support the initiative. The IA clearly defines the ...

This paper outlines how 2019 and 2020 Country Specific Recommendations covering the fight against corruption, aggressive tax planning, tax evasion or tax avoidance or ineffective anti-money laundering measures are being addressed in national Recovery and Resilience Plans, based on Commission’s assessments. The paper will be updated once new relevant information is available.