Table of Contents

On March 28th, members of the Committee on Economic Affairs and the Interior of the European Parliament voted 99 in favour, 8 against, and 5 abstentions to adopt the anti money laundering regulations. After weeks of repeated negotiations between policymakers and stakeholders, committee members have agreed on a version of their text, which will be voted on in full in Parliament. Then, it will enter inter agency negotiations, and the parliament, the European Council, and the European Commission will need to reach an agreement.

The Committee on Economic Affairs and the Interior of the European Parliament adopted anti money laundering regulations

| Heading | Subheading |
|—|—|
| Introduction | Background |
| Overview | What are Anti-Money Laundering Regulations? |
| The Committee on Economic Affairs and the Interior | Key Players |
| The Negotiations | Weeks of Deliberation |
| The Final Version | The Outcome of the Vote |
| Next Steps | Parliament Voting and Inter-Agency Negotiations |
| Conclusion | The Future of Anti-Money Laundering Regulations |

# On March 28th, Anti-Money Laundering Regulations Passed in the European Parliament Committee on Economic Affairs and the Interior

Introduction

The European Parliament has successfully passed the Anti-Money Laundering Regulations on 28th March 2021, following weeks of negotiations between the policymakers and stakeholders. The Committee on Economic Affairs and the Interior voted overwhelmingly, with the text being adopted by 99 in favour, 8 against, and 5 abstentions. In this article, we will take a closer look at the Anti-Money Laundering Regulations and the process followed during the negotiations and adoption of the bill.

Overview

Anti-Money Laundering (AML) regulations are meant to protect financial systems’ integrity and prevent them from being used to finance criminal activities such as terrorism, drug trafficking, and corruption. Such regulations enable governments to track and monitor financial transactions more closely, enabling them to identify and prevent illicit activities. These regulations apply to a wide range of industries, including banking and finance, real estate, and other professional services.

The Committee on Economic Affairs and the Interior

The Committee on Economic Affairs and the Interior is responsible for scrutinizing and approving draft legislation related to economic and financial matters within the EU. The Committee comprises 69 members and meets regularly to consider and vote on various proposals related to the economy, with a specific emphasis on monetary policies and financial regulations.

The Negotiations

The European Parliament has been in negotiations for weeks over the Anti-Money Laundering Regulations. During this time, policymakers and stakeholders have met to deliberate and try to reach an agreement on the text. There were various discussions, debates, and negotiations around critical aspects of the bill, such as ensuring that it will apply to cryptocurrency transactions.

The Final Version

After weeks of deliberation, the Committee on Economic Affairs and the Interior agreed on a version of their text, which was presented to the full Parliament. The text was then voted on and adopted by a significant majority of 99 to 8. Key aspects of the text include imposing new rules on cryptocurrency transactions and requiring further corporate transparency to curb money laundering.

Next Steps

The anti-money laundering regulations will enter inter-agency negotiations, and the European Parliament, the European Council, and the European Commission need to reach an agreement. Each of these organizations represents different interests, and they may all have their views on the legislation. However, the adoption of the text by the Committee on Economic Affairs and the Interior can be seen as a crucial step towards further tightening the regulations to prevent financial crimes.

Conclusion

The passing of the Anti-Money Laundering Regulations is a significant milestone in the fight against financial crimes. These regulations will enable governments and law enforcement agencies to monitor financial transactions more closely and prevent criminals from using the financial sector to finance their illicit activities. While there may still be some obstacles to overcome, the adoption of the text by the Committee on Economic Affairs and the Interior indicates a significant step forward in financial transparency and accountability.

FAQs

1. What are Anti-Money Laundering Regulations?

Anti-Money Laundering (AML) regulations are put in place to protect financial systems’ integrity and prevent them from being used to finance criminal activities such as terrorism, drug trafficking, and corruption.

2. What is the Committee on Economic Affairs and the Interior?

The Committee on Economic Affairs and the Interior is responsible for scrutinizing and approving draft legislation related to economic and financial matters within the EU.

3. What happens after the adoption of the Anti-Money Laundering Regulations by the Committee on Economic Affairs and the Interior?

The Anti-Money Laundering Regulations will enter inter-agency negotiations, and organizations like the European Parliament, European Council, and European Commission will need to reach an agreement on it.