Mediterranean Observer
Tourism Services: Short term rentals
The European Commission launched a public consultation on short-term accommodation rentals. The objective is to collect data on issues resulting from the rapid growth of short term rentals and the sustainable development of tourism destinations. It also looks at consumer safety and level playing field with other operators in the hospitality sector. For further information and to contribute to the consultation please see the following link: Tourist services – short-term rental initiative (europa.eu)
The deadline is Monday 13 December.
EU Anti-Money Laundering Package
The European Commission published the EU Anti-Money Laundering Package. This primarily establishes a new Anti-money Laundering Authority (AMLA) that will coordinate national supervisors to ensure that EU rules are consistently applied. It is also tasked with enhancing the cooperation among Financial Intelligence Units (FIUs) and improve their analytical capacity.
Other initiatives include a single rulebook for anti-money laundering and combatting the financing of terrorism (AML/CFT). This already exists within the 4th AML Directive but has resulted in diverging implementation across Member States. A Single Rulebook will therefore provide a more detailed and directly applicable rules.
The package also includes the revision of the 2015 Regulation on transfers of funds to trace transfers of crypto-assets.
More information can be viewed from: Beating Financial Crime (europa.eu)
EU Council adopts Brexit adjustment reserve
A Brexit adjustment reserve fund was created by the European Commission to support and compensate regions, sectors and communities for the adverse economic and social effects resulting from Brexit. The total amount of the fund is of Eur5 billion. The full distribution of funds to EU member states can be found here: 20210625_brexit-adjustment-reserve-breakdown-of-allocation-per-ms-in-current-prices.pdf (europa.eu)
EU Green Bonds
The European Commission adopted a Green Bond Framework and will be issuing up to Eur250 billion green bonds. Funds raised will be allocated to green projects to meet the objectives of the Next Generation EU. The first green bond issuance is expected in October, subject to market conditions. For more information please see the following link: €250 billion of NextGenerationEU green bonds (europa.eu)
This update was brought to you by the Malta Business Bureau Brussels office. For more information infobrussels@mbb.org.mt
