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The European Parliament has proposed a series of amendments to the Anti Money Laundering (AML) package which, if accepted, would enhance corporate transparency.
The EU Parliament’s proposals to the AML package include many welcome measures, such as strengthening the powers of suggested AML authority and banning the sale of golden passports, as well as including comprehensive due diligence processes for golden visa schemes. Not only this, but they also suggested lowering the limit for mandatory disclosure of beneficial ownership data from 25% to 15% and even to 5% for firms operating in the extractives industry, or those with a high risk of money laundering.
The joint committees on home affairs and civil liberties (LIBE) and economic affairs (ECON) have accepted a number of amendments to the AML package proposed by the EU Commission in 2021. The European council, commission and parliament will negotiate to finalise the legislation so that it can finally be put into action by member states.
Transparency International appreciates the stringent measures, especially amendments to the 6th Anti-Money Laundering Directive (6AMLD) and urges the Council to adopt them.
Transparency International EU’s Senior Policy Officer Roland Papp said that “The European Parliament’s position on the anti-money laundering package is ambitious and creates new opportunities in the fight against dirty money. We’re now looking to the Council and the Commission to ensure key elements are in the final text. We need to see a well-resourced anti-money laundering authority and stricter rules, otherwise, the EU will continue to be a safe haven for the proceeds of crime and corruption.”