Anti-Money Laundering Package

EESC opinion: Anti-Money Laundering Package

Key points:



  • welcomes the Commission's proposals on adapting the European regulatory framework to reflect changes made to international standards on preventing and combating money laundering and the financing of terrorism.
  • welcomes the clarifications that have been made with regard to the customer due diligence requirements of professionals regarding beneficial owners
  • approves of the inclusion of gambling service providers on the list of professionals subject to requirements
  • notes that the proposal contains a certain number of requirements that go beyond international standards, in particular by lowering the threshold above which traders in goods must implement the requirements (from EUR 15 000 to EUR 7 500).
  • calls on the Commission and the Member States to do more to help small entities comply with anti-money laundering requirements
  • applauds the Commission for attempting the delicate balancing act of reconciling the apparently conflicting interests of personal data protection and the fight against money laundering.
  • welcomes the proposal to harmonise the sanctions applicable in the financial sector at European level. It is essential that sanctions are dissuasive and commensurate with the sums of money being laundered.
  • has reservations regarding the purely "administrative" nature of the sanctions foreseen, in terms of their severity and in relation to Articles 6(1) and 7 of the European Convention on Human Rights.