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Over the past three decades, the European Union has constantly improved its framework to fight money laundering and terrorist financing. Despite the constant improvements, the existing framework still suffers from some shortcomings. In 2020, the European Commission therefore presented an action plan for a new single EU anti-money laundering system, outlining areas for future proposals that the European Commission will present in a package in spring 2021. The main areas for this 2021 package will ...

On 17 April 2018, the European Commission adopted a proposal for a directive intended to facilitate law enforcement authorities' access to and use of financial information held in other jurisdictions within the EU for investigations related to terrorism and other serious crime. The proposed directive would grant competent authorities direct access to bank account information contained in centralised registries set up in each Member State, according to the Fifth Anti-Money-Laundering Directive. The ...

The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the 'over-the-counter' (OTC) derivatives market in the 2007-2008 period. In May 2017, after carrying out an extensive assessment of EMIR, the Commission proposed a regulation amending and simplifying it in the context of its Regulatory Fitness and Performance ...

Die wichtige Rolle, die zentralen Gegenparteien auf den Finanzmärkten zukommt, und ihre Systemrelevanz haben nach der Finanzkrise zugenommen. Dadurch sind die Regulierungsbehörden jedoch darauf aufmerksam geworden, dass es keine harmonisierten Vorschriften für Situationen gibt, in denen von solchen Gegenparteien selbst – aufgrund betrieblicher Schwierigkeiten oder eines vollständigen Ausfalls – Systemrisiken ausgehen könnten. Daher hat die Kommission eine Verordnung vorgeschlagen, über die das Parlament ...

This study examines the existing (and planned) instances of enhanced cooperation (EnC), their institutional set up and state of play. Our analysis is at this point of time limited to the one EnC case with sufficient implementation record (EnC in divorce law, applied for more than six years to date). The remaining cases either began very recently (PESCO in late 2017); are in the preparatory stages (EPPO); are set to start in the near future (2019 for EnC in property regime rules); have not as yet ...

The Guarantee Fund for External Actions (GFEA) backs loans and loan guarantees granted to non-EU countries, or to finance projects in non-EU countries. Its objectives are to help protect the EU budget against the risks associated with such loans. The main objective of the actions backed by the GFEA is to support the increase of growth and jobs, and to improve the business environment in developing countries by strengthening the involvement of the private sector. The GFEA also contributes to the European ...

On August 31 2018, a Joint Working Group consisting of representatives of the European Central Bank, the European Commission and the European Supervisory Agencies published a document entitled ‘Reflection paper on possible elements of a Roadmap for seamless cooperation between Anti Money Laundering and Prudential Supervisors in the European Union’. The reflection paper straightforwardly calls for additional resources to be made available to the European Banking Authority to counter money laundering ...

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the Committee on Constitutional Affairs, examines – against a historical backdrop – the legal provisions governing Enhanced Cooperation as well as the so far very limited number of implemented Enhanced Cooperation initiatives. Based on these insights, concrete ideas are formulated on how to optimise this ‘standardised and generalised framework’ of differentiated ...

Directive (EU) 2015/849, which forms part of the EU regulatory framework to combat financial crime, has shown gaps in the light of recent terrorist attacks and various tax leaks. In this context, the European Commission proposed to amend the directive, along with Directive 2009/101/EC, to broaden their scope, lower thresholds benefiting from exemptions and provide for the creation of automated centralised mechanisms (e.g. central electronic data retrieval systems). The European Parliament and Council ...

Groups committing serious crimes, including terrorists, often operate cross-border and their funds are usually located across the EU Member States or outside of the EU. The Commission proposal aims to improve the sharing financial information among national law enforcement authorities and financial intelligence units to prevent and fight crime and terrorism. The impact assessment accompanying the proposal examined comprehensively the problems encountered by law enforcement authorities and financial ...