FPÖ against
Government wants to fight harder against money laundering
On Wednesday, the National Council voted in favor of stricter standards in the fight against money laundering and terrorist financing. A new sanctions law was also passed. The FPÖ is against this and spoke of some errors in the content.
Corresponding recommendations have been in place since the last audit by the Financial Action Task Force (FATF) in 2016, said the recently appointed Finance Minister Gunter Mayr. The FATF issues standards worldwide to combat money laundering and terrorist financing. Austria is currently being examined again. If the country were to be placed on an observer list, "we would be burdened in the double-digit billion range".
Many institutions and ministries were involved in the process of drafting the law. The drafts were submitted by the ÖVP and the Greens.
New responsibilities
One new aspect, for example, is that more companies are to be monitored, including insurance companies, crypto-asset service providers and investment firms. In future, Austrian authorities will be able to make proposals as to which persons or entities should be added to a UN or EU sanctions list and which should be removed from it.
"The responsibility of the authorities will also be reorganized. From 2026, the Financial Market Authority (FMA) and no longer the Austrian National Bank (OeNB) will be responsible for monitoring sanctions under international law," reads a statement from the parliamentary directorate. The National Bank had not been able to cope with the supervision anyway and had to call in auditors, said NEOS MP Stephanie Krisper.
Other changes include extended due diligence obligations for certain professional groups such as accountants and tax advisors, as well as more mandatory information for payment service providers, such as the recipient. The fight against money laundering should be "a concern for all of us", said Mayr. Some MPs accused the FPÖ of not voting in favor of the amendments to the law because they were Russia-friendly.
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