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Position paper - Letter on anti-money laundering

11 Jul 2023
Financial Services

The new provisions in the Council General Approach on the AML Regulation have potential extraterritorial effects that are concerning for businesses. These provisions could prevent EU obliged entities from entering into a commercial relationship with a third country entity or supplier unless that third country entity or supplier is registered in the EU Beneficial Ownership registry. This would ultimately put the EU in a competitive disadvantage in comparison to jurisdictions without such additional requirements and would cut off the financial industry operating in Europe from entities in the international supply chain. In order to improve these provisions, the Council should consider deleting article 17 and providing exemptions to article 48 for entities established in a jurisdiction with equivalent requirements as the EU.

Read our letter below.