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In July 2021, the European Commission tabled a proposal to establish a new EU authority to counter money laundering and the financing of terrorism (AMLA). This was part of a legislative package aimed at implementing the 2020 action plan for a comprehensive Union policy on preventing money laundering and the financing of terrorism. The AMLA would be the centre of an integrated system, composed of the authority itself and national authorities with an AML/CFT supervisory mandate. It would also support ...

On 7 December 2022, the European Commission made two proposals to amend EU legislation on derivative markets. The objective is to reduce the excessive and concentrated exposure of EU financial institutions to third-country central counterparties (CCPs). CCPs are clearing platforms that mitigate counterparty risks on derivative instruments by demanding collateral. Among other things, the proposals would require EU financial institutions to retain a portion of mandatory CCP derivative trading, to be ...

Digital euro

Briefing 02-02-2024

On 28 June 2023, the European Commission presented a legislative package to establish a digital form of central bank money to complement its physical form (banknotes and coins) and laid out the rules and conditions for its use. The IA supporting the proposals is based on extensive internal and external expertise, including tailored ECB advice and JRC input on analytical methods and simulations. It presents a wide range of options to address the problems identified, but it is difficult to identify ...

Digital euro package

Briefing 18-09-2023

A digital euro can be understood as central bank money offered in digital form for citizens and businesses to be used for their retail payments. It would be a central bank digital currency (CBDC) –an electronic equivalent to cash, complementing banknotes and coins – and the central motivation to develop a CBDC can be explained by the increasing digitalisation of financial services. Banknotes and coins, currently the only public money, are considered the ultimate anchor of the financial system. However ...

The IA is based on solid internal and external sources, in particular several ESMA review reports, and stakeholder consultations. However, the definitions of both the problems and the objectives lack consistency and coherence, as the lines between problems, their drivers and consequences are blurred and objectives seem to overlap (and shift). This weakens the IA's intervention logic. The policy options presented to tackle the problems are assessed against two baseline scenarios, which is unusual. ...

As a system for standardised payment instructions and messaging services, SWIFT has become the basis for most global financial transactions. On 2 March 2022, the Council decided to cut seven Russian banks from the SWIFT network, as part of a wider sanctions package, including sanctions against Russia's central bank.

Anti-money-laundering package

Briefing 20-12-2021

The IA covers four Commission proposals on anti-money laundering and countering financing of terrorism. This legislative package includes major changes designed to strengthen and tackle shortcomings in the current regulatory framework, such as the creation of a new AML authority. This briefing analyses the strengths and weaknesses of the impact assessment accompanying the proposed revisions. The Commission consulted a wide range of stakeholders to support the initiative. The IA clearly defines the ...

Over the past three decades, the European Union has constantly improved its framework to fight money laundering and terrorist financing. Despite the constant improvements, the existing framework still suffers from some shortcomings. In 2020, the European Commission therefore presented an action plan for a new single EU anti-money laundering system, outlining areas for future proposals that the European Commission will present in a package in spring 2021. The main areas for this 2021 package will ...

On 17 April 2018, the European Commission adopted a proposal for a directive intended to facilitate law enforcement authorities' access to and use of financial information held in other jurisdictions within the EU for investigations related to terrorism and other serious crime. The proposed directive would grant competent authorities direct access to bank account information contained in centralised registries set up in each Member State, according to the Fifth Anti-Money-Laundering Directive. The ...

The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the 'over-the-counter' (OTC) derivatives market in the 2007-2008 period. In May 2017, after carrying out an extensive assessment of EMIR, the Commission proposed a regulation amending and simplifying it in the context of its Regulatory Fitness and Performance ...