Austrian NGOs on Anti-Money Laundering

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Gatj

10/17/2016

Austria is currently introducing a new law on “Anti-money laundering and terrorist financing in the financial market” based on the European Anti-Money Laundering Directive.

Austrian platforms KOO (Austrian Bishop’s Conference) and AG Globale Verantwortung (Global Responsibility Platform for Development and Humanitarian Aid) issued this feedback (in German), in which they welcome the few improvements regarding ownership identification (including mentioning trusts) but pinpoint how the question of registry remains open, referring to the upcoming EU regulation, and criticize the planned EU blacklist. Among the shortcomings revealed by the civil society organizations, are some of the usual NGO asks like the need for public registers, a proper ownership definition (lower than 10% of the threshold), extension to “Designated Non-Financial Business or Profession“ (DNFBP), etc.

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