AML: Council adopts rules which will make cryptoasset transfers traceable

On 16 May 2023, the Council of the EU issued a press release stating that it had adopted the Regulation on information accompanying transfers of funds and certain cryptoassets and amending Directive (EU) 2015/849 (recast).  The Council agreed its position on the proposed Regulation on 1 December 2021. Trilogue negotiations started on 28 April 2022 and ended in a provisional agreement on 29 June. The formal adoption on 16 May 2023 is the final step in the legislative process. The Regulation enters into force on the twentieth day following its publication in the Official Journal of the EU. The Regulation applies from 18 months after the date of entry into force.