GCFFC European Regional Chapter holds meeting in Brussels

On 26 January 2024, Chair Ilze Znotina hosted the GCFFC Europe Chapter meeting in Brussels.

Summary

The European Regional Chapter  of the Global Coalition to Fight Financial Crime met on January 26th in Brussels for their first meeting of 2024. The meeting brought together experts from across the continent, including Raluca Pruna from the European Commission, who presented the highlights of the new AML Authority (AMLA), AML Regulation and 6th AML Directive.

 

Some highlights of the new AML Regulation, 6 AML Directive and AMLA include:


• New Obliged Entities include crowdfunding platforms, professional football clubs and agents, operators of investor residence schemes (not citizenship schemes) and traders of luxury goods.


• Thresholds for reporting the purchase of High-Value goods: € 250.000 for cars and € 7,5 million for boats and planes.


• Mandatory Beneficial Ownership registration of foreign entities entering into a relationship with an Obliged Entity (will apply retroactively from 1 January 2014!) and acquiring real estate in the EU.


• AMLA will manage the risks of evasion and non-implementation of Targeted Financial Sanctions.


• FIUs will be able to suspend a transaction for up to 10 days and a business relationship for 5 days.

 

The full press release can be read here: GCFFC_ European RC holds Jan 26th meeting