The European Parliament wants the forthcoming, EU-wide anti-money laundering agency to also address uneven implementation and enforcement of the bloc's financial embargos against Russia and other targets. Under plans already in motion, the Anti-Money Laundering Authority, or AMLA, will ensure uniform supervision and enforcement of AML standards throughout the EU, directly oversee a limited set of high-risk, systemically important financial institutions and serve as an information-sharing hub for financial intelligence units. Amendments adopted by the European Parliament's Committee on Economic and Monetary Affairs and Committee on Civil Liberties, Justice and Home Affairs on Tuesday would also strengthen and broaden the...
Russia's brutal military offensive against Ukraine has accomplished in a little more than a month what consecutive EU officials and their allies have struggled to do for more than a decade: spurred European nations to get serious about enforcing sanctions.
The European Parliament wants to lower the threshold at which financial institutions must identify the true owners of legal entities they serve from 25 percent to 15 percent, and to as low as 5 percent for those deemed inherently vulnerable to illicit finance.
print