On 6 June 2023, Philea and Civil Society Europe held a webinar discussing the impact of EU AML/CFT policy on civil society, featuring high-level policymakers and sector representatives. The timely discussion occurred amidst ongoing negotiations on the new EU AML/CFT Package, which is expected to be adopted soon and enforced in 2027.The conversation explored unintended consequences of the policy at the Member State level, such as overregulation and bank de-risking. Participants shared examples of national governments implementing stricter rules than required by EU legislation. The event emphasized the need for clarifying Beneficial Ownership definitions for public-benefit foundations and associations during trilogue negotiations. In conclusion, attendees supported deepening multi-stakeholder engagement and dialogue among banks, policymakers, and the public-benefit sector at various levels to ensure a risk-based, proportionate, and fit-for-purpose AML/CFT policy that does not unduly restrict legitimate organizations and their beneficiaries. Read more here.
Source: Philea
