Directive 2001/97/EC of the European Parliament and of the Council ( 5) extended the scope of Directive 91/308/EEC both in terms of the crimes covered and in terms of the range of professions and activities covered. Council Directive 91/308/EEC ( 4) defined money laundering in terms of drugs offences and imposed obligations solely on the financial sector. This Directive is the fourth directive to address the threat of money laundering. At the same time, the objectives of protecting society from crime and protecting the stability and integrity of the Union's financial system should be balanced against the need to create a regulatory environment that allows companies to grow their businesses without incurring disproportionate compliance costs. Therefore, certain coordinating measures are necessary at Union level. In order to facilitate their criminal activities, money launderers and financers of terrorism could try to take advantage of the freedom of capital movements and the freedom to supply financial services which the Union's integrated financial area entails. The soundness, integrity and stability of credit institutions and financial institutions, and confidence in the financial system as a whole could be seriously jeopardised by the efforts of criminals and their associates to disguise the origin of criminal proceeds or to channel lawful or illicit money for terrorist purposes. In addition to further developing the criminal law approach at Union level, targeted and proportionate prevention of the use of the financial system for the purposes of money laundering and terrorist financing is indispensable and can produce complementary results. Money laundering, terrorism financing and organised crime remain significant problems which should be addressed at Union level. Having regard to the opinion of the European Economic and Social Committee ( 2),Īcting in accordance with the ordinary legislative procedure ( 3),įlows of illicit money can damage the integrity, stability and reputation of the financial sector, and threaten the internal market of the Union as well as international development. Having regard to the opinion of the European Central Bank ( 1), Having regard to the proposal from the European Commission,Īfter transmission of the draft legislative act to the national parliaments, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, On the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC DIRECTIVE (EU) 2015/849 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
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