AML Directive Recitals | EU Anti-Money Laundering

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission ( OJ C 210, 25.5.2022, p. 15.),
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank ,
Having regard to the opinion of the European Economic and Social Committee ( OJ C 152, 6.4.2022, p. 89.),
Acting in accordance with the ordinary legislative procedure (3),
Whereas:

Recital 1 Directive (EU) 2015/849 of the European Parliament

Recital 2 Since the entry into force of Directive

Recital 3 Significant variations in practices and approaches by

Recital 4 This Directive is part of a comprehensive

Recital 5 Money laundering and terrorist financing are frequently

Recital 6 Specific money laundering and terrorist financing threats,

Recital 7 Certain categories of obliged entities are subject

Recital 8 Where obliged entities are not subject to

Recital 9 Supervisors should ensure that, with regard to

Recital 10 For the purposes of assessing the appropriateness

Recital 11 Investor residence schemes present risks and vulnerabilities,

Recital 12 The Commission is well placed to review

Recital 13 The findings of the risk assessment at

Recital 14 Member States remain best placed to identify,

Recital 15 Legal entities and legal arrangements can provide

Recital 16 Given the integrated nature of the international

Recital 17 The results of risk assessments should be

Recital 18 In addition, to identify, understand, manage and

Recital 19 In order to effectively mitigate the risks

Recital 20 To be able to review the effectiveness

Recital 21 The FATF has developed standards for jurisdictions

Recital 22 In order to reflect developments at international

Recital 23 Central registers of beneficial ownership information (‘central

Recital 24 With a view to enhancing transparency in

Recital 25 Beneficial ownership information of express trusts and

Recital 26 Timely access to information on beneficial ownership

Recital 27 The accuracy of data included in the

Recital 28 It is important that Member States entrust

Recital 29 Where a verification of beneficial ownership information

Recital 30 Entities in charge of central registers should

Recital 31 Entities in charge of central registers are

Recital 32 The reporting of discrepancies between beneficial ownership

Recital 33 Where the reporting of discrepancies by FIUs

Recital 34 To ensure a level playing field in

Recital 35 In order to ensure a level playing

Recital 36 It is essential that the information on

Recital 37 FIUs, other competent authorities and self-regulatory bodies

Recital 38 Direct, timely and unfiltered access to beneficial

Recital 39 It should be possible for Union bodies,

Recital 40 In order to limit interferences with the

Recital 41 Non-governmental organisations, academics and investigative journalists have

Recital 42 The integrity of business transactions is critical

Recital 43 Given the cross-border nature of money laundering,

Recital 44 In order to ensure an access regime

Recital 45 Criminals can misuse legal entities at any

Recital 46 With a view to ensuring the legality

Recital 47 In order to protect Union’s financial interests,

Recital 48 Corruption in public procurement harms the public

Recital 49 Products such as customer screening offered by

Recital 50 In order to avoid divergent approaches towards

Recital 51 To ensure that the processes for granting

Recital 52 Moreover, with the aim of ensuring a

Recital 53 The identification of applicants is necessary to

Recital 54 Directive (EU) 2018/843 achieved the interconnection of

Recital 55 Through the interconnection of the central registers,

Recital 56 Regulation (EU) 2016/679 applies to the processing

Recital 57 Delayed access to information by FIUs and

Recital 58 Virtual IBANs are virtual numbers issued by

Recital 59 In order to respect privacy and protect

Recital 60 Through the interconnection of Member States’ centralised

Recital 61 In order to respect the right to

Recital 62 The interconnection of Member States’ centralised automated

Recital 63 Real estate is an attractive commodity for

Recital 64 Member States have in place or should

Recital 65 The staff of FIUs should be of

Recital 66 FIUs should be able to disseminate information

Recital 67 Effective cooperation and information exchange between FIUs

Recital 68 FIUs play an important role in identifying

Recital 69 The powers of FIUs include the right

Recital 70 Access should be considered direct and immediate

Recital 71 The vast majority of FIUs have been

Recital 72 In specific circumstances, FIUs should be able

Recital 73 For the purposes of greater transparency and

Recital 74 At least once per year, the FIU

Recital 75 The purpose of the FIU is to

Recital 76 An FIU can impose certain restrictions and

Recital 77 FIUs should use secure facilities, including protected

Recital 78 It is important that FIUs cooperate and

Recital 79 FIUs are responsible for receiving suspicious transaction

Recital 80 Time limits for exchanges of information between

Recital 81 The movement of illicit money traverses borders

Recital 82 The participation of third parties, including Union

Recital 83 Effective supervision of all obliged entities is

Recital 84 Member States should ensure effective, impartial and

Recital 85 The Union has witnessed on occasions a

Recital 86 In order to assess and monitor more

Recital 87 Outreach activities, including the dissemination of information

Recital 88 Supervisors should adopt a risk-based approach to

Recital 89 The disclosure to FIUs of facts that

Recital 90 Cooperation between national supervisors is essential to

Recital 91 Directive (EU) 2015/849 included a general requirement

Recital 92 Obliged entities operating in the non-financial sector

Recital 93 Where an obliged entity operates establishments in

Recital 94 Where an obliged entity operates establishments in

Recital 95 In areas that are not harmonised at

Recital 96 In light of anti-money laundering vulnerabilities related

Recital 97 To ensure better coordination of efforts and

Recital 98 Cross-border groups need to have in place

Recital 99 Exchange of information and cooperation between supervisors

Recital 100 Directive (EU) 2015/849 allows Member States to

Recital 101 The importance of combating money laundering and

Recital 102 Member States currently have a diverse range

Recital 103 In the case of obliged entities that

Recital 104 Member States have different systems in place

Recital 105 With a view to ensuring that obliged

Recital 106 Timely compliance by obliged entities with administrative

Recital 107 Where the legal system of the Member

Recital 108 Obliged entities can benefit from the freedom

Recital 109 Publication of a pecuniary sanction or administrative

Recital 110 Directive (EU) 2019/1937 of the European Parliament

Recital 111 It is essential to have a new

Recital 112 In order to facilitate and promote effective

Recital 113 The risk of money laundering and terrorist

Recital 114 Cooperation with other authorities competent for supervising

Recital 115 Cooperation between financial supervisors and the authorities

Recital 116 To facilitate such cooperation in relation to

Recital 117 Cooperation mechanisms should also extend to the

Recital 118 The exchange of information and the provision

Recital 119 Supervisors should be able to cooperate and

Recital 120 Information in possession of supervisors might be

Recital 121 The effectiveness of the Union AML/CFT framework

Recital 122 Regulation (EU) 2016/679 applies to the processing

Recital 123 It is essential that the alignment of

Recital 124 The rights of access to data by

Recital 125 In order to ensure continued exchange of

Recital 126 Regulatory technical standards should ensure consistent harmonisation

Recital 127 In order to ensure consistent approaches among

Recital 128 The Commission should be empowered to adopt

Recital 129 In order to ensure uniform conditions for

Recital 130 The Commission should be empowered to adopt

Recital 131 This Directive respects the fundamental rights and

Recital 132 Equality between women and men, and diversity

Recital 133 When drawing up a report evaluating the

Recital 134 The judgement of the Court of Justice

Recital 135 Given the need to urgently implement a

Recital 136 Since the objectives of this Directive, namely

Recital 137 In accordance with the Joint Political Declaration

Recital 138 The European Data Protection Supervisor has been

Recital 139 Directive (EU) 2015/849 should therefore be repealed,