| Author (Corporate) | Council of the European Union, European Parliament |
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| Series Title | Official Journal of the European Union |
| Series Details | L 150, Pages 1-39 |
| Publication Date | 09/06/2023 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU) 2023/1113 - adopted by the co-legislators on 31 May 2023 - introducing a recast of Regulation 2015/847/EU on information accompanying transfers of funds. This is a text with EEA relevance. Further information:Regulation (EU) 2015/847 was adopted to ensure the full traceability of transfer of funds. However, it only applies to those transfers which are defined as banknotes and coins, scriptural money and electronic money, according to Directive 2015/2366. Only in 2018 new international standards were adopted to create requirement for information sharing in transfer of virtual assets of the same nature that the ones existing for information sharing in transfer of funds. Virtual had so far remained outside the scope of EU law on financial services, exposing holders of crypto-assets to money laundering and financing of terrorism risks. The revision of this Act sought to make it possible to trace transfers of crypto-assets and limit large cash payments. This Regulation lays down rules on the information on payers and payee accompanying transfers of funds, in any currency, and on the information on originators and beneficiaries accompanying transfers of crypto-assets, for the purposes of preventing, detecting and investigating money laundering and terrorist financing, where at least one of the payment service providers or crypto-asset service providers involved in the transfer of funds or transfer of crypto-assets is established or has its registered office in the European Union (EU). It also lays down rules on internal policies, procedures and controls to ensure implementation of restrictive measures where at least one of the payment service providers or crypto-asset service providers involved in the transfer of funds or transfer of crypto-assets is established or has its registered office in the EU. The draft law was adopted by the European Commission on 20 July 2021, as part of a legislative package focusing on anti-money laundering (AML) and countering the financing of terrorism (CFT). It delivered on some of the pillars structuring the framework unveiled by a Communication adopted in May 2020 to address money laundering and terrorist financing risks. The Council of the European Union adopted its general approach concerning the proposal on 1 December. The plenary of the European Parliament endorsed a negotiating position on 6 April 2022. An informal agreement between the co-legislators on a compromise text for this file was reached on 29 June. This was formally endorsed by the Parliament on 20 April 2023 and by the Council on 16 May. The Act was signed by the co-legislators on 31 May 2023 and published in the Official Journal on 9 June 2023. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/reg/2023/1113/oj |
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| Subject Categories | Business and Industry, Justice and Home Affairs |
| Subject Tags | Financial Services |
| Keywords | Cryptoassets | Cryptocurrencies, Money Laundering, Terrorist Financing |
| International Organisations | European Union [EU] |
