Launch of New Anti-Money Laundering Rules & Their Impact on Investment Migration Operators

Thursday, 11 July 2024

Speakers:

On May 30, 2024, the Council adopted a new anti-money laundering (AML) and countering financing of terrorism (CFT) legislative package. The updated rules significantly impact the investment migration industry (IM), which is now within the legislative scope. With more stringent requirements for certain member state authorities, firmer rules on the private industry and a new EU enforcing and overseeing body, the consequences for the IM industry are political, legal and reputational. Moreover, the EU’s bold move in that regard is set to have an impact on third parties (countries, intermediaries and investors) with interest in the EU.

The legislative package contains three key texts of direct relevance to the investment migration industry:

• The AMLA Regulation (AMLA-R) establishes and empowers a new Anti-Money Laundering Authority (AMLA).
• The Anti-Money Laundering Regulation (AMLR) harmonizes rules related to customer due diligence (CDD), reporting, transparency concerning beneficial owners, and anonymous instruments.
• The 6th Anti-Money Laundering Directive (AMLD 6) introduces reforms that must be implemented into national laws by each member state.

These new rules will have political, legal, and reputational consequences for the investment migration industry. However, they also provide an opportunity for us to work together as an industry to meet these new standards and continue to provide valuable services to our clients and ensure you continue to operate in the sector.

During this webinar, the IMC and industry experts will explain the implications of these changes and address any questions or queries you may have.