On August 29, we responded to the consultation on the Implementation Act for the Prevention of Money Laundering and Terrorist Financing (Iwt). We endorse the purpose of the law and support the government's commitment to a burden-free implementation, without additional national obligations.
We welcome the fact that UCITS and AIFs are now harmonized under European rules. Moreover, the Explanatory Memorandum explicitly confirms that these institutions, regardless of legal form, are subject to Article 61 AMLR for UBO identification purposes. This puts an end to the current situation in which funds of joint account (FGR) were treated as trusts, leading to much ambiguity in practice.
At the same time, we see areas of concern. For example, we call for exemption from costs when institutions with a duty to disclose consult the UBO register, ask for clarity regarding the suspension powers of the Financial Intelligence Unit (FIU), and stress the importance of proportionate risk-based supervision. We also ask for clarification on definitions, practicality and the scope of new powers of supervisors.
In doing so, we emphasize that clear European alignment is crucial to avoid divergent interpretations and unnecessary compliance burdens
