[EVENTS] BTT Working Group for Regulation Reviews the Newest Amendments to Anti-Money Laundering and Terrorist Financing Act (ZZPDFT-1)
On Wednesday, 27 November 2019, a meeting of the Blockchain Think Thank’ Working Group for Regulation took place where legal experts and representatives of home blockchain and crypto industry discussed the latest amendments to the Anti-Money Laundering and Terrorism Financing Act (ZPPDFT-1) with an aim to bring it as close as possible to the European AMLD 5, aka the Directive (EU) 2018/843. You can submit comments on ZPPDFT-1 until Monday, December 9, 2019, to Blockchain Think Tank Slovenia representatives or through eUPRAVA portal.
The Anti-Money Laundering and Terrorism Financing Act (ZPPDFT-1) states under what conditions legal entities and persons must implement policies and procedures to prevent money laundering and terrorist financing. In certain cases, the law also involves persons involved in the issuance and management of virtual currencies, including exchanges.
However, the Act in its original form placed many limitations for fintech companies and all those that do business digitally. To address what we saw were the urgent amendments, the Working Group for Regulation operating under the Blockchain Think Tank Slovenia had met already in April this year in co-organization with Blockchain Alliance Europe.
We formed a joint industry opinion which had been then presented to the regulator who to some extent took our comments into consideration when amending the newest version. The Regulatory Group, therefore, reunited in November meeting to publicly review the latest version in an open debate, led by Aljaž Jadek, Head of the Blockchain Think Tank Regulatory Working Group, and Igor Kolar, Legal Adviser at the Ministry of Justice. Branka Glojnarič, Acting Director of the Office for the Prevention of Money-laundering together with Aleksandra Čargo and Jelena Miloševič from Bank of Slovenia also attended the meeting.
The whole discussion took place in a constructive dialogue between industry legal experts and regulators; whilst opinions and views were also shared by many representatives of the home blockchain and crypto community. In particular, they touched upon those areas in the existing law that, in their opinion, still needed a clearer definition. One such is certainly the definition of taxpayers, which under the new proposal in ZPPDFT-1 covers a broader group of taxpayers than under the AML5 Directive. Participants were also alert to the conditions under which the identification of the individuals carrying out the transaction.
By sharing experience and forming opinions as a community we can make a huge contribution in raising awareness and the reputation of blockchain industry, and consequently speed up the adoption of appropriate regulations with more favourable consequences for the entire economy.
For that, Blockchain Alliance Europe strongly welcomes such meetings, and we also believe blockchain companies, including our members, can and must highlight the legal obstacles and challenges they face in doing business on a global scale. Doing so, Blockchain Alliance Member Eligma has already formed an expert opinion on the subject, whilst our other member Bonsis, who was also present at the event, will give it soon.