Revision of anti- money-laundering directive

Key points:

The EESC

• welcomes in principle the measures included in the proposed amendment to the Anti Money Laundering Directive (AMLD) and agrees that its transposition is urgent.

• is aware of the effort that adapting to the directive demands of businesses and obliged entities, as well of the supervisory authorities and proposes that the impact of applying these measures be assessed.

• is concerned that a number of factors may seriously limit the practical effectiveness of the fourth and fifth AMLD.

• criticises that the list of high-risk third countries, published on 14 July 2016, does not include many of the countries or jurisdictions which – on the basis of credible evidence – are believed to be acting as tax havens for money laundering, or any of the 21 territories mentioned in the Panama Papers.

• proposes that either a new list of high-risk third countries be drawn up, or the scope of the measures under Article 18a of 5AMLD be broadened.

• considers creating public national registers of the beneficial owners of bank accounts, businesses, trusts and transactions, and access to them by obliged entities, to be a priority.

• believes that all obligations laid down in the 5AMLD should be extended to all territories or jurisdictions whose sovereignty resides with the Member States.

• feels that he fight against money laundering should be linked more closely with the efforts needed to combat tax fraud and avoidance, corruption and other connected crimes

• underlines that the fight against terrorism and money laundering requires closer cooperation between the various intelligence and security services of the Member States, and between these services and Europol.

• considers that free trade and economic partnership agreements should include a chapter on measures to tackle tax fraud and avoidance, money laundering and terrorist financing.
• suggests that the Commission should explore additional steps to protect the rights of citizens against illegal use or abuse of the information recorded by the competent authorities or obliged entities.