|Author (Corporate)||European Commission: DG Financial Stability Financial Services and Capital Markets Union|
|Series Details||COM (2021) 421|
|Content Type||Blog & Commentary, News, Policy-making|
Legislative initiative tabled by the European Commission on 20 July 2021, aimed at establishing an Authority for Anti-Money Laundering and Countering the Financing of Terrorism - EU AML Authority (AMLA). This is a text with EEA relevance.
In July 2019, the European Commission unveiled a Communication aimed at informing European and national authorities on how to better address money laundering and terrorist financing risks. As a follow-up, the Commission published in May 2020 an Action Plan setting out a common comprehensive framework on preventing money laundering and terrorism financing. This draft law delivers on some of the pillars structuring that framework.
The creation of this Authority aims to transform action against money laundering and terrorism financing, and also to enhance cooperation among Financial Intelligence Units (FIUs). The proposed AMLA is to become the central authority coordinating national authorities to ensure the private sector correctly and consistently rules across the European Union (EU). It is also to improve FIUs analytical capacity around illicit flows and make financial intelligence a key source for law enforcement agencies. The draft law also aims to amend Regulation (EU) No 1093/2010, Regulation (EU) 1094/2010 and Regulation (EU) 1095/2010.
The main focus of AMLA are as follows:
This initiative was tabled by the European Commission on 20 July 2021, as part of a legislative package focusing on anti-money laundering (AML) and countering the financing of terrorism (CFT).
|Subject Categories||Economic and Financial Affairs, Justice and Home Affairs|
|Subject Tags||Organised Crime, Police | Judicial Cooperation, Terrorism|
|Keywords||Money Laundering, Terrorist Financing
|International Organisations||European Union [EU]|