01 December 2023
CNUE Annual Report 2017

CNUE Annual Report 2017

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Fight against money laundering

2017 was particularly busy in the fight against money laundering. Following the Panama Papers scandal, the European Parliament launched a committee of inquiry, whose final report was adopted by Parliament in December.
Final report of the European Parliament's Committee of Inquiry: http://www.europarl.europa.eu/cmsdata/131460/2017-11-08%20PANA%20Final%20Report.pdf

In addition, the 4th Anti-Money Laundering Directive entered into force on 26 June 2017. Member States had to notify the transposition of the Directive by the same date. The European Commission is now checking the status of transposition and is following up with the Member States. Also on 26 June, the Commission published a Supranational Risk Assessment Report. The report analyses the risks in the financial and non-financial sectors (notaries are specifically mentioned) and includes a detailed list of the risks by area and a list of the most common means used by criminals to launder illegal funds as well as recommendations to Member States on how to deal with the identified risks appropriately. The CNUE participated in the preparatory work for this report in the framework of meetings organised by the European Commission with the parties concerned.

Fourth anti-money laundering directive: http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:JOL_2015_141_R_0003&from=ES
Supranational Risk Assessment Report: http://ec.europa.eu/newsroom/just/item-detail.cfm?item_id=81272

At the same time, negotiations are still in progress on the proposal for a revision of this Fourth Directive, dated July 2016. The CNUE supports this proposal while stressing the risk of overburdening the legal professions subject to the new list of due diligence measures vis-à-vis third countries. The CNUE also calls for greater flexibility in the definition of beneficial owners of passive non-financial legal entities. Finally, it warns against indiscriminate access to data on beneficial owners and the need to standardise the various national registers of beneficial owners before interconnection.

Proposal for revision of the fourth anti-money laundering directive: https://ec.europa.eu/transparency/regdoc/rep/1/2016/EN/1-2016-450-EN-F1-1.PDF

Finally, on 21 March 2017, the CNUE organised a workshop in its offices to explore with the European Commission national best practices and the training needs of notaries in the fight against money laundering.

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