Regulation 2024/1620 - Authority for Anti-Money Laundering and Countering the Financing of Terrorism - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
Contents
official title
Regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May 2024 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2024/1620 |
| Original proposal | COM(2021)421  |
| CELEX number i | 32024R1620 |
| Document | 31-05-2024; Date of signature |
|---|---|
| Signature | 31-05-2024 |
| Effect | 26-06-2024; Entry into force Date pub. +7 See Art 108 26-06-2024; Application Partial application See Art 108 01-07-2025; Application See Art 108 31-12-2025; Application Partial application See Art 108 |
| Deadline | 27-12-2024; See Art 100.2 31-12-2025; See Art 107 01-01-2027; See Art 77.6 26-06-2028; See Art 50.1 27-06-2028; See Art 106.1 31-12-2030; Review See Art 102 |
| End of validity | 31-12-9999 |
Official Journal of the European Union |
EN L series |
2024/1620 |
19.6.2024 |
REGULATION (EU) 2024/1620 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 31 May 2024
establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
Experience with the current anti-money laundering and countering the financing of terrorism (AML/CFT) framework, which relies heavily on the national implementation of AML/CFT measures, has disclosed weaknesses not only with regard to the efficient functioning of that framework of the Union but also with regard to integrating international recommendations. Those weaknesses have led to the emergence of new obstacles to the proper functioning of the internal market, both due to risks within the internal market as well as external threats facing it. |
(2) |
The cross-border nature of crime and criminal proceeds endangers the efforts of the Union financial system with regard to the prevention of money laundering and financing of terrorism. It is necessary to enhance those efforts at Union level through the creation of an authority responsible for contributing to the implementation of harmonised rules in that domain. In addition, such an authority should pursue a harmonised approach to strengthen the Union’s existing preventive AML/CFT framework and specifically AML/CFT supervision and cooperation between Financial Intelligence Units (FIUs). That approach is intended to reduce divergences in national legislation and supervisory practices and introduce structures that benefit the smooth functioning of the internal market in a determined manner and should, consequently, be based on Article 114 of the Treaty on the Functioning of the European Union (TFEU). |
(3) |
Therefore, a Union authority for anti-money laundering and countering the financing of terrorism (‘the Authority’) should be established. The creation of the Authority is crucial for ensuring the efficient and adequate supervision of obliged entities that pose a high risk with regard to money laundering/terrorist financing (‘ML/TF’), strengthening common supervisory approaches for all other obliged entities, and facilitating joint analyses and cooperation between FIUs. |
(4) |
This Regulation is part of a comprehensive package that aims to strengthen the Union’s AML/CFT framework. Together, this Regulation, Regulation (EU) 2023/1113 of the European Parliament and of the Council (3), Regulation (EU) 2024/1624 of the European Parliament and of the Council (4) and Directive (EU) 2024/1640 of the European Parliament and of the Council (5) will form the legal framework governing the AML/CFT requirements to be met by obliged entities and underpinning the Union’s AML/CFT institutional framework. |
(5) |
To bring AML/CFT supervision to an efficient and uniform level across the Union, it is necessary to provide the Authority with the following powers: direct supervision of a certain number of selected obliged entities in the financial sector, including crypto-asset service providers; monitoring, analysis and exchange of information concerning ML/TF risks affecting the internal market; coordination and oversight of AML/CFT supervisors of the financial sector; coordination and oversight of AML/CFT... |
More
This text has been adopted from EUR-Lex.
This dossier is compiled each night drawing from aforementioned sources through automated processes. We have invested a great deal in optimising the programming underlying these processes. However, we cannot guarantee the sources we draw our information from nor the resulting dossier are without fault.
This page is also available in a full version containing the legal context, de Europese rechtsgrond, other dossiers related to the dossier at hand and the related cases of the European Court of Justice.
The full version is available for registered users of the EU Monitor by ANP and PDC Informatie Architectuur.
The EU Monitor enables its users to keep track of the European process of lawmaking, focusing on the relevant dossiers. It automatically signals developments in your chosen topics of interest. Apologies to unregistered users, we can no longer add new users.This service will discontinue in the near future.