| Author (Corporate) | Council of the European Union, European Parliament |
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| Series Title | Official Journal of the European Union |
| Series Details | L 141 |
| Publication Date | 05/06/2015 |
| Content Type | Legislation |
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Summary: Regulation of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006. Further information: The purpose of this initiative is to revise Regulation (EC) No 1781/2006 on information on the payer accompanying transfers of funds in ways which improve traceability of payments and ensure that the EU framework remains fully compliant with international standards. The Regulation lays down rules for payment service providers to send information on the payer throughout the payment chain for the purposes of prevention, investigation and detection of money laundering and terrorist financing. Background: Against the background of the changing nature of money laundering and terrorist financing threats, facilitated by a constant evolution of technology and means at the disposal of criminals, the Financial Action Task Force (FATF) undertook a fundamental review of the international standards, which culminated in the adoption of a new set of Recommendations in February 2012. In parallel to this process, the European Commission has also been undertaking its own review of the EU framework. This review has comprised an external study published by the Commission on the application of Regulation (EC) No 1781/2006, extensive contacts and consultations with private stakeholders and civil society organisations, as well as with representatives of EU Member State regulatory and supervisory authorities. The implications of this work are that the EU framework, including Regulation (EC) No 1781/2006, will need to evolve and adjust to changes which should see an increased focus placed on (a) the effectiveness of regimes to counter money laundering and terrorist financing, (b) greater clarity and consistency of the rules across Member States, and (c) a broadened scope designed to address new threats and vulnerabilities. In February 2013 the Commission presented a proposal to amend Regulation (EC) No 1781/2006, along with a proposal for a Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing. |
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| Source Link | Link to Main Source https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2015.141.01.0001.01.ENG |
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| Subject Categories | Justice and Home Affairs |
| Subject Tags | Police | Judicial Cooperation |
| Keywords | Money Laundering, Terrorist Financing |
| International Organisations | European Union [EU] |
