Objection to delegated act amending Annex to Delegated Regulation (EU) 2016/1675
EP Position
The European Parliament objects to the Commission delegated regulation amending Delegated Regulation (EU) 2016/1675 and instructs its President to notify the Commission that the delegated regulation cannot enter into force. Parliament calls on the Commission to submit a new delegated act taking account of its concerns and expects the Commission to conduct its own assessment of third countries' AML/CFT risks to the internal market rather than rely solely on FATF assessments.
Key Trade Point
Parliament highlights that the United Arab Emirates is a major global financial and trading hub and an important economic partner for the Union, with significant bilateral trade and investment that creates high exposure of the internal market. MEPs flagged evidence of sanctions evasion, cash-for-gold schemes and other AML/CFT weaknesses in the UAE, and raised concerns about Gibraltar and Panama facilitating circumvention of sanctions, which could undermine Union efforts.
What Comes Next
The resolution instructs the President to forward the resolution to the Commission, to the Council and to the governments and parliaments of the Member States and to notify the Commission that the delegated regulation cannot enter into force.
Sources
Official Documents
- Tuesday, 23 April 2024 - Strasbourg Parliament adopted a resolution opposing the Commission's delegated regulation amending AML/CFT lists, instructing that it cannot enter into force and requesting a new act reflecting Parliament's concerns.
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