| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | (L) 2024/1624 |
| Publication Date | 19/06/2024 |
| Content Type | Legislation, Policy-making |
Summary:Regulation (EU) 2024/1624 - adopted by the co-legislators on 31 May 2024 - setting out a common rulebook aimed at preventing the use of the financial system for the purposes of money laundering (ML) and terrorist financing (TF). This is a text with EEA relevance. Further information: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. Notably, these highlighted the for a combination of harmonised rules via an AML/CFT Regulation and stronger rules on the national AML/CFT systems through an AML/CFT Directive. The EU Security Union Strategy 2020-2025 highlighted the importance of enhancing the EU's framework for for anti-money laundering and countering terrorist financing. As a follow-up, the Commission published in May 2020 an Action Plan setting out a common comprehensive framework on addressing such issues. This Regulation lays down rules concerning the measures to be applied by obliged entities to prevent money laundering and terrorist financing, the beneficial ownership transparency requirements for legal entities, express trusts and similar legal arrangements, and measures to limit the misuse of anonymous instruments. The draft law was adopted 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). The Council adopted its general approach to the proposal on 7 December 2022. The plenary of the European Parliament endorsed a negotiating position on 19 April 2023. An informal agreement between the co-legislators on a compromise text for this file was reached on 18 January 2024. This was formally endorsed by Parliament on 24 April and by the Council on 30 May. 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 | Link to Main Source http://data.europa.eu/eli/reg/2024/1624/oj |
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| Subject Categories | Economic and Financial Affairs, Justice and Home Affairs |
| Subject Tags | Financial Services, Organised Crime, Police | Judicial Cooperation, Terrorism |
| Keywords | Harmonisation | Standardisation, Money Laundering, Terrorist Financing |
| International Organisations | European Union [EU] |
