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The EU Parliament Proposed a New and Advanced AML Action Plan for Member States

Advancement has been planned and approved by the European Parliament in mitigating the Money Laundering regime and the EU is ready to launch a new and improved Anti-Money Laundering Action Plan.

The majority of the regulators and planning committees voted in favor of the action plan decision including the Civil Liberties Committee, Justice and Home Affairs, and Committee of Economic Affairs. The main focus is on developing a new AML Directive and AML Regulation that uniformly applies to all Member States of the EU. Further and stringent amendments to the existing AML directives are also part of the plan.

The Actual Plan

The Action Plan of AML is aimed to supervise financial institutions in limited numbers where it will act as a source of information for FI intel units. Members of the EU in full support of the plan want even more. They want the regulating agency to coordinate in sanctioning as the uneven implementation and enforcement of the EU’s financial and trade embargo is raising concerns.

Another big part of the action plan is lowering the minimum amount that requires identification according to the AML guidelines and rules. The amount is reduced from €10000 to €7000. Members strongly supported this reduction decision.

In Furtherance, the parliament also plans to negotiate the AML package with governments on the national level and the European Commission in the coming months.

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