The background of AMLA In light of the latest investigation developments around some well known money laundering cases and common challenges in enforcing AML regulation across the EU, the EU Commission has presented a new legislative package on fostering the need for harmonised and more detailed AML/CFT rules and regulations. This extensive package aims to cover the gaps in some areas in the AML field across the entire EU, in particular: 

On 1 July, another significant step was taken in the process. 130 jurisdictions [1] (including the Czech Republic) issued a joint Statement under the OECD framework, in which they have joined a new two-pillar plan to reform international taxation rules. The Statement indicates an ambition to finalize the detailed technical parameters by October 2021, with expected start of application of the new rules from 2023.

The international auditing and consulting firm Mazars is publishing its ninth “CEE Tax Guide”, which offers businesses and investors a unique comparison of tax systems in 21 countries in Central and Eastern Europe. The publication, in which Germany, Austria, Russia and Ukraine are also represented in addition to the Visegrad countries, the south European and the Baltic states, mainly monitors labour costs, indirect taxes, as well as various aspects of corporate taxation and transfer pricing. According to the guide, the global pandemic triggered several changes to tax systems. The study also looks at long-term trends, because business corporation investment decisions are also based on an analysis of trends and changes in regional tax regimes.

Although the Czech Republic is hardly a European leader in green investment and sustainable finance, financial institutions, headed by big banks, are getting ready for the new regulation. Apart from increasing transparency, the following years will focus mainly on resetting internal processes and portfolio structures.