Author (Corporate) | Council of the European Union, European Parliament |
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Series Title | Official Journal of the European Union |
Series Details | (L) 2024/1620 |
Publication Date | 19/06/2024 |
Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU) 2024/1620 - adopted by the co-legislators on 31 May 2024 - establishing an Authority for Anti-Money Laundering and Countering the Financing of Terrorism - EU AML Authority (AMLA). It introduces amendments to Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010. This is a text with EEA relevance. Further information:This Act establishes the Authority for Anti-Money Laundering and Countering the Financing of Terrorism - EU AML Authority (AMLA). It shall act within the powers conferred on it by this Regulation, and within the scope of several others Acts of EU legislation. It aims to protect the public interest, the stability and integrity of the European Union's (EU) financial system, and the proper functioning of the internal market by:
The draft law was adopted by the European Commission on 20 July 2021, as part of a legislative package focusing on anti-money laundering and countering the financing of terrorism. It delivered on the approach set out in two Communications - one seeking to inform European and national authorities on how to better address money laundering and terrorist financing risks (2019), and the other comprising an action plan for a common framework on preventing money laundering and terrorism financing (2020). Representatives of the Member States agreed on a (partial) general approach to the proposal on behalf of the Council of the European Union on 29 June 2022. The plenary of the European Parliament endorsed a negotiating position on 17 April 2023. An informal agreement between the co-legislators on a compromise text for this file was reached on 12 December. This was formally endorsed by Parliament on 24 April 2024 and by the Council on 30 May. The co-legislators agreed on the location of AMLA's headquarters (Frankfurt) on 22 February 2024. The Act was signed by the co-legislators on 31 May 2024 and published in the Official Journal on 19 June 2024. |
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Source Link | http://data.europa.eu/eli/reg/2024/1620/oj |
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Subject Categories | Economic and Financial Affairs, Justice and Home Affairs |
Subject Tags | Organised Crime, Police | Judicial Cooperation, Terrorism |
Keywords | Money Laundering, Terrorist Financing |
International Organisations | European Union [EU] |