Renew Europe embraces a step forward to end Russian oligarchs’ money laundering in Europe

The Renew Europe Group in the European Parliament welcomes today’s adoption of the revised transfer of funds regulation (EU 2015/847), which will reinforce anti-money laundering (AML) measures and put in place a stronger regulatory framework for crypto-assets. Reports suggest that anonymous crypto-asset transfers are being used by Russians linked to Putin’s regime to circumvent sanctions.

We negotiated firmly to ensure crypto-asset transfers (out of the EU scope so far) have the same requirements as for cross-border wire transfers, so as to ensure adequate oversight, and to clearly identify both providers and beneficiaries. Renew Europe supports the creation of a central AML supervisory authority with EU-wide jurisdiction, since the current supervisory system is highly fragmented and cooperation among competent national authorities is poor and ineffective.

Ondřej Kovařík (ANO, Czechia), Renew Europe’s shadow rapporteur on this file, declared:

“The key is to make sure that the EU’s anti-money laundering framework is adapted to the current challenges, especially closing potential legal loopholes and possibilities for misuse of crypto assets for illicit activities, such as money laundering or terrorism financing. We need an EU framework that is updated and in line with new technological advancements”.