Financial Crime World

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Single Regulation: A Game-Changer in the Fight Against Money Laundering

The European Union has taken a significant step forward in its efforts to combat money laundering and terrorist financing with the introduction of a single regulation. This comprehensive legislation aims to harmonize anti-money laundering (AML) measures across the EU, making it easier for financial institutions and law enforcement agencies to detect and prevent illegal activities.

Key Provisions

  • The new regulation includes provisions on customer due diligence, beneficial owner transparency, and the use of anonymous instruments, such as crypto-assets.
  • It also addresses concerns around “golden” passports and visas, which have been linked to money laundering and corruption.

Supervision and Financial Intelligence

  • The regulation establishes the European Anti-Money Laundering Authority (AMLA), which will oversee compliance with AML requirements across the EU.
  • The AMLA will also have investigative powers to detect and prevent suspicious transactions.

Beneficial Ownership Transparency

  • The regulation requires companies to maintain accurate information on their beneficial owners, which will be available for access by government authorities and financial institutions.
  • However, concerns around data privacy have led some countries to limit public access to this information.

Payment Transparency

  • The regulation requires payment orders for funds transfers to include accurate information on originators and beneficiaries.
  • This is designed to increase transparency in international transactions and prevent money laundering.

Bearer Shares

  • France has permitted the use of bearer shares, which can be held anonymously.
  • However, companies listed on stock exchanges are required to disclose their beneficial owners.

Anti-Money Laundering Requirements

  • The regulation applies AML requirements to non-financial institutions, such as real estate agents and lawyers.
  • International trade and free trade zones are also subject to enhanced vigilance due to the higher risk of money laundering.

Modernization Efforts

  • Ongoing discussions at the European level aim to modernize the anti-money laundering regime by making it more risk-based and effective.
  • This includes the use of new technologies and reducing compliance burdens on financial institutions.

Evaluation and Compliance

  • France’s anti-money laundering regime has been evaluated by the Financial Action Task Force (FATF) and other organizations.
  • While there are areas for improvement, France is considered to have a robust framework in place to combat money laundering and terrorist financing.

Accessing Anti-Money Laundering Materials

  • Relevant AML laws, regulations, and guidance can be accessed online, although not all materials may be available in English.