On 24 January 2022 Iceland, Liechtenstein and Norway submitted a joint EEA EFTA Comment on the package of legislative proposals on anti-money laundering and countering the financing of terrorism (AML/CFT). The package aims to strengthen the EU’s AML/CFT rules and enhance consistency in their application. It consists of four legislative proposals. At the heart of the package is a regulation establishing a new EU AML/CFT Authority (AMLA). The Commission also proposed to fully include the crypto sector in the scope of the AML/CFT rules.
The EEA EFTA States welcome the Commission’s proposals. They support strengthening the existing anti-money laundering and countering of terrorism framework, including by adding transfers of crypto assets to the scope of the package.
The EEA EFTA States support the Commission’s plans to foster supervisory convergence and coordination of efforts by National Competent Authorities to combat money laundering and the financing of terrorism. In this context, the EEA EFTA States emphasise that direct supervision at a European level should be limited to instances where national supervision is obviously inferior due to the nature of the supervised entities.
In the Comment, the EEA EFTA States address concerns related to the proposed governance of the Anti-Money Laundering Authority (AMLA). They highlight the importance of maintaining the existing governance structure of the European Supervisory Authorities, which through the EEA Agreement would allow for full EEA EFTA participation without the right to vote in the AMLA. This would facilitate continued smooth functioning of the internal market for Financial Services in the EEA, to the mutual benefit of the EU and the EEA EFTA States. Therefore, the EEA EFTA States recommend removing the relevant provisions concerning the AMLA’s ‘Executive board’ from the Regulation establishing a new EU AML/CFT Authority (AMLA).
The EEA EFTA States consider discussions on the methodology for the funding of AMLA would be facilitated by their early participation in the relevant Commission expert group. The EEA EFTA States’ financial contribution will be decided by the Joint Committee Decision incorporating the AMLA Regulation into the EEA Agreement.
Read the EEA EFTA Comment here.
Find previous EEA EFTA Comments here.
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