As part of its Action Plan for strengthening the fight against terrorist financing of February 2016 and a broader drive to boost tax transparency and tackle tax abuse, the EU Commission issued its proposed:
Points of particular interest include;
- Beneficial ownership threshold moving from 25% plus one share to 10% whenever the legal entity is a passive Non-Financial Entity (as defined in Directive 2011/16/EU),
- Measures for Enhanced Due diligence specifically set out and harmonised,
- Public access to beneficial ownership information on companies and trusts that engage in economic activities for profit and access on a legitimate interest basis for family or charitable trusts,
- Interconnection of national registers which will allow the public to access the beneficial ownership information on companies across the EU.
On 14 July 2016, the European Commission adopted a Delegated Regulation supplementing the Fourth Money Laundering Directive (4AMLD) by identifying high-risk third countries with strategic anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies. The annex to the Delegated Regulation, which lists the high-risk third countries, was published separately and is also available online. Article 9(2) of 4AMLD empowers the Commission to adopt delegated acts identifying third countries that have strategic deficiencies in their AML or CTF regimes that pose significant threats to the EU financial system (high-risk third countries). The Article also sets out a non-exhaustive list of criteria on which the Commission's assessments are to be based. The Commission did not consult on the list which it based on the FATF list. The Commission list may differ from the FATF list, for example, by including countries that are not listed by the FATF. The Delegated Regulation will be transmitted to the European Parliament and the Council of the EU, who each have a one-month scrutiny period (extendable to two months). If no objections are expressed, the Delegated Regulation will enter into force three days after publication in the Official Journal of the EU.
A FATF plenary meeting was held in Korea between 22-24 June 2016. The meeting considered a number of issues, including terrorist financing and information sharing.
The FATF published a paper In which the incoming FATF President, Juan Manuel Vega-Serrano, outlined the objectives of the Spanish Presidency of the FATF for the plenary year July 2016 to June 2017.