Source: OJ L, 2024/1620, 19.6.2024Current language: EN
- Anti-money laundering
Basic legislative acts
- Anti-money laundering authority regulation (AMLAR)
Article 95 Cooperation with third countries and international organisations
Summary What does Article 95 of the Anti-money laundering authority regulation (AMLAR) say?
This article establishes the framework for the Authority's engagement with the wider international AML/CFT community.
It covers the Authority's ability to develop contacts and enter into administrative arrangements with third-country AML/CFT authorities, international organisations, and third-country administrations, while making clear that such arrangements carry no legal obligations for the Union or its Member States.
The article also positions the Authority as the leading facilitator when multiple Union supervisory authorities and FIUs interact with third-country authorities on matters within the Authority's mandate, and tasks it with contributing to the Union's representation in international fora such as the Financial Action Task Force and the Egmont Group of Financial Intelligence Units.
Important points:
- The Authority is empowered to enter into administrative arrangements with third-country AML/CFT authorities, but these arrangements do not create legal obligations for the Union or its Member States, and they do not prevent Member States from concluding their own bilateral or multilateral arrangements.
- The Authority shall take a leading role in facilitating interactions between Union supervisory authorities or FIUs and third-country authorities, where those interactions fall within the scope of the Authority's tasks under Article 5.
- Supervisory authorities and FIUs are required to make every effort to follow any model administrative arrangements developed by the Authority to promote consistent and effective international cooperation.
Springlex's summary of the article, a reading aid, not a substitute for the legal text.
In order to achieve the objectives set out in this Regulation, and without prejudice to the respective competences of the Member States and the Union institutions, the Authority may develop contacts and enter into administrative arrangements with AML/CFT authorities in third countries that have regulatory, supervisory and FIU-related competences in the field of AML/CFT as well as with international organisations and third-country administrations. Those arrangements shall not create legal obligations in respect of the Union and its Member States nor shall they prevent Member States and their competent authorities from concluding bilateral or multilateral arrangements with those third countries.
The Authority may develop model administrative arrangements with a view to establishing consistent, efficient and effective practices within the Union and to strengthening international coordination and cooperation in the fight against ML/TF. Supervisory authorities and FIUs shall make every effort to follow such model arrangements.
In cases where the interaction between, on the one hand, several Union supervisory authorities and FIUs with, on the other hand, third-country authorities, concerns matters falling within the scope of the Authority’s tasks as set out in Article 5, the Authority shall have a leading role in facilitating such interaction where necessary. That role of the Authority shall be without prejudice to regular interactions by supervisory authorities and FIUs with third-country authorities.
The Authority shall, within its powers pursuant to this Regulation and to the legislative acts referred to in Article 1(2), contribute to the united, common, consistent and effective representation of the Union’s interests in international fora, including by assisting the Commission in its tasks relating to the Commission’s membership of the Financial Action Task Force and by supporting the work and objectives of the Egmont Group of Financial Intelligence Units.
Springlex and this text is meant purely as a documentation tool and has no legal effect. No liability is assumed for its content. The authentic version of this act is the one published in the Official Journal of the European Union.
Definition
supervisor
Definition
parent undertaking
- for groups whose head office is located in the Union, an obliged entity that is a parent undertaking as defined in Article 2, point (9), of Directive 2013/34/EU that is not itself a subsidiary of another undertaking in the Union, provided that at least one subsidiary undertaking is an obliged entity;
- for groups whose head office is located outside of the Union, where at least two subsidiary undertakings are obliged entities established in the Union, an undertaking within that group established in the Union that:
- is an obliged entity;
- is an undertaking that is not a subsidiary of another undertaking that is an obliged entity established in the Union;
- has a sufficient prominence within the group and a sufficient understanding of the operations of the group that are subject to the requirements of this Regulation; and
- is given the responsibility of implementing group-wide requirements under Chapter II, Section 2 of this Regulation;
Definition
property
Definition
competent authority
- a Financial Intelligence Unit (FIU);
- a supervisory authority;
- a public authority that has the function of investigating or prosecuting money laundering, its predicate offences or terrorist financing, or that has the function of tracing, seizing or freezing and confiscating criminal assets;
- a public authority with designated responsibilities for combating money laundering or terrorist financing;
Definition
terrorist financing
Definition
group
Definition
money laundering
Definition
self-regulatory body
Definition
third country
Definition
supervisory authority