Directive 2024/1640 - Mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Directive(EU) 2019/1937 - Main contents
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Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Directive(EU) 2019/1937, and amending and repealing Directive (EU) 2015/849| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2024/1640 |
| Original proposal | COM(2021)423  |
| CELEX number i | 32024L1640 |
| Document | 31-05-2024; Date of signature |
|---|---|
| Signature | 31-05-2024 |
| Effect | 09-07-2024; Entry into force Date pub. +20 See Art 79 |
| Deadline | 09-07-2024; See Art 71.2 10-07-2027; See Art 73 10-07-2032; Review See Art 76 |
| End of validity | 31-12-9999 |
| Transposition | 10-07-2025; See Art 78.1 10-07-2026; See Art 78.1 10-07-2027; See Art 78.1 10-07-2029; See Art 78.1 |
Official Journal of the European Union |
EN L series |
2024/1640 |
19.6.2024 |
DIRECTIVE (EU) 2024/1640 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 31 May 2024
on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Directive(EU) 2019/1937, and amending and repealing Directive (EU) 2015/849
(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 Central Bank (1),
Having regard to the opinion of the European Economic and Social Committee (2),
Acting in accordance with the ordinary legislative procedure (3),
Whereas:
(1) |
Directive (EU) 2015/849 of the European Parliament and of the Council (4) constitutes the main legal instrument for the prevention of the use of the Union’s financial system for the purposes of money laundering and terrorist financing. That Directive sets out a comprehensive legal framework, which Directive (EU) 2018/843 of the European Parliament and the Council (5) further strengthened by addressing emerging risks and increasing transparency of beneficial ownership. Notwithstanding the achievements under that legal framework, experience has shown that Directive (EU) 2015/849 should be further improved to adequately mitigate risks and to effectively detect criminal attempts to misuse the Union financial system for criminal purposes and to further the integrity of the internal market. |
(2) |
Since the entry into force of Directive (EU) 2015/849, a number of areas have been identified where amendments would be needed to ensure the necessary resilience and capacity of the Union financial system to prevent money laundering and terrorist financing. |
(3) |
Significant variations in practices and approaches by competent authorities across the Union, as well as the lack of sufficiently effective arrangements for cross-border cooperation were identified in the implementation of Directive (EU) 2015/849. It is therefore appropriate to define clearer requirements, which should contribute to smooth cooperation across the Union whilst allowing Member States to take into account the specificities of their national systems. |
(4) |
This Directive is part of a comprehensive package aiming at strengthening the Union’s anti-money laundering and countering the financing of terrorism (‘AML/CFT’) framework. Together, this Directive and Regulations (EU) 2023/1113 (6), (EU) 2024/1624 (7) and (EU) 2024/1620 (8) of the European Parliament and of the Council 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, including the establishment of an Authority for anti-money laundering and countering the financing of terrorism (AMLA). |
(5) |
Money laundering and terrorist financing are frequently carried out in an international context. Measures adopted at Union level which do not take into account international coordination and cooperation would have very limited effect. The measures adopted by the Union in that field should therefore be compatible with, and at least as stringent as, other actions undertaken at international level. Union action should continue to take particular account of the Financial Action Task Force (FATF) Recommendations and instruments of other international bodies active in the fight against money laundering and terrorist financing. With a view to reinforcing the efficacy of the fight against money... |
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