Communication on an Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing

Author (Corporate)
Series Details C (2020) 2800
Publication Date 07/05/2020
Content Type

Summary:

Communication published by the European Commission on 7 May 2020, which sets out an action plan for a comprehensive EU-wide policy on preventing money laundering and terrorism financing.

Further information:

The European Commission published a Communication in July 2019, which sets out a number of measures to ensure the implementation of a comprehensive EU policy on preventing money laundering and countering the financing of terrorism (AML/CFT). While rules are seen as far-reacing, they have not been applied in a fully coherent manner across the European Union, which has led to fragmentation between Member States.

Following the publication of that Communication, the European Parliament and the Council of the European Union provided feedback and invited the Commission to investigate what steps could be taken to achieve a more harmonised set of rules across the EU. The present Action Plan is the European Commission's reply to that feedback and is a first a first step towards a new, comprehensive framework.

The action plan builds on six pillars:

  • Effective implementation of existing rules
  • A single EU rulebook
  • EU-level supervision
  • A support and cooperation mechanism for financial intelligence units
  • Better use of information to enforce criminal law
  • A stronger EU in the worl

The Commission expressed the intention to deliver on all these actions by early 2021. A public consultation relating to this action plan was also launched, aimed at gathering views from citizens and stakeholders until 29 July 2020. The action plan was published alongside an update list of high-risk third countries and a staff working document which sets out a new methodology to identify high-risk third countries.

Source Link https://ec.europa.eu/finance/docs/law/200507-anti-money-laundering-terrorism-financing-action-plan_en.pdf
Related Link(s)
Official
European Commission: Action plan for a comprehensive Union policy on preventing money laundering and terrorism financing https://ec.europa.eu/info/publications/200507-anti-money-laundering-terrorism-financing-action-plan_en
European Commission: Press Release, 07/05/2020: Commission steps up fight against money laundering and terrorist financing https://ec.europa.eu/commission/presscorner/detail/en/ip_20_800
European Commission: Questions & Answers, 07/05/2020: Commission steps up fight against money laundering and terrorist financing https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_821
European Commission: Remarks by Executive Vice-President Dombrovskis at the press conference on the Commission Action Plan to fight against money laundering and terrorist financing, 7 May 2020 https://ec.europa.eu/commission/presscorner/detail/en/speech_20_830

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