EU: new AML rules approved by the Council of Europe

On 20 April 2015, the Council of Europe adopted its position at the first reading on new rules aimed at preventing money laundering and terrorist financing. This is the part of the final stages of the passage of what will become the 4th Anti-Monely Laundering Directive.

The directive aims to “strengthen EU rules against money laundering and ensure consistency with the approach followed at international level”.

The Council’s adoption of the position enable the European Parliament, with which agreement was reached on 16 December 2014, to adopt the package at second reading at a forthcoming plenary session.

The statement issued by the Council says:

“For gambling services posing higher risks, the adopted legislation requires service providers to conduct due diligence for transactions of €2000 or more. In proven low-risk circumstances, member states may exempt certain gambling services from some or all requirements, in strictly limited and justified conditions. Such exemptions will be subject to a specific risk assessment. Casinos will not benefit from exemptions. “

Now, a process begins in each Member State to determine which forms of gambling, if any, pose lower risk and so can be carved out.

The text of the Directive and other documents can be found at the bottom of the linked page on the Council’s website.