|Author (Corporate)||European Commission: DG Financial Stability Financial Services and Capital Markets Union|
|Series Details||COM (2021) 422|
|Content Type||News, Policy-making|
Legislative initiative tabled by the European Commission on 20 July 2021, introducing a recast of Regulation 2015/847/EU on information accompanying transfers of funds.
In July 2019, the European Commission unveiled a set of reports aimed at informing European and national authorities on how to better address money laundering and terrorist financing risks. As a follow-up, the Commission published in May 2020 an Action Plan setting out a common comprehensive framework on addressing such issues. This draft law delivers on some of the pillars structuring that framework.
Regulation (EU) 2015/847 was adopted to ensure the full traceability of transfer of funds. However, it only applies to those transfers which are defined as banknotes and coins, scriptural money and electronic money, according to Directive 2015/2366. Only in 2018 new international standards were adopted to create requirement for information sharing in transfer of virtual assets of the same nature that the ones existing for information sharing in transfer of funds. Virtual had so far remained outside the scope of EU law on financial services, exposing holders of crypto-assets to money laundering and financing of terrorism risks.
The revision of Regulation 2015/847/EU aims to make it possible to trace transfers of crypto-assets and limit large cash payments.
This initiative was tabled by the European Commission on 20 July 2021, as part of a legislative package focusing on anti-money laundering (AML) and countering the financing of terrorism (CFT).
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||Financial Services|
|Keywords||Cryptoassets | Cryptocurrencies
|International Organisations||European Union [EU]|