European Parliament Fights Money Laundering

Published March 17, 2014

European Parliament Fights Money Laundering

European Parliament votes to pass new anti-money laundering rules across the EU.

On March 11, 2014 the European Parliament voted in favor of one set of rules throughout the EU to prevent the risks of money laundering. The new rules are a revision of the current anti-money laundering rules, and include for the first time the entirety of the EU. The new rules are hoped to bring greater legal security to the online gambling industry currently regulated by the EU. 

Secretary General of EGBA, Maarten Haijer, commented on the new legislation, “The EGBA would like to congratulate the European Parliament for its vote on these revised rules. It confirms that online gambling is an inherent cross-border service which, in line with the subsidiarity principle, is better governed by one set of rules at EU level, rather than by 28 different national laws. These rules will further add to the existing body of Internal Market legislation applicable to the gambling sector.”

Exemptions

The new legislation includse a clause that will exempt certain forms of gambling in Member States, only upon approval of the European Commission.

Haijer added, “If exemptions are to be granted, they will need to be risk-based and supported by clear evidence. The lack of cash money and the transparency and traceability of online gambling transactions in a regulated environment are great assets to mitigate potential risks of money laundering.”

The Process

The revised legislation was first introduced by the European Commission over a year ago, in February 2013. Now that the Council and European Parliament have agreed on the rules, negotiations will continue after European Parliament holds elections in May 2014. 

See also

European Court of Justice Criticises Austrian Gambling Legislation

The European Summit Kicks Off Next Month in Prague

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