Towards better implementation of the EU’s anti-money laundering and countering the financing of terrorism framework

Summary:

Communication presented on 24 July 2019 by the European Commission as part of a package aimed at supporting European and national authorities in better addressing money laundering and terrorist financing risks.

Further information:

Risks of money laundering and the financing of terrorism remain a major concern for the integrity of the European Union's financial system and the security of its citizens. The fight against money laundering and terrorism financing is therefore an important priority for the EU and part of delivering the Security Union.

Over time, the Union has developed a solid regulatory framework for preventing money laundering and terrorist financing, in line with international standards adopted by the Financial Action Task Force. The regulatory framework needs to keep pace with the increasing integration of financial flows in the internal market, the evolving trends, technological developments and the ingenuity of criminals to exploit any gaps or loopholes in the system.

The findings set out in this Communication and in the accompanying reports are intended to inform the debate about how the anti-money laundering and countering the financing of terrorism framework could be further improved and to provide the basis for further discussions with relevant stakeholders.

• Report on the assessment of the risk of money laundering and terrorist financing affecting the internal market and relating to cross-border activities
• Report on the assessment of recent alleged money laundering cases involving EU credit institutions
• Report assessing the framework for cooperation between Financial Intelligence Units
• Report on the interconnection of national centralised automated mechanisms of the Member States on bank accounts

• Primary Source

European Commission: Press Release, 24/07/2019: Fight against money laundering and terrorist financing: Commission assesses risks and calls for better implementation of the rules http://europa.eu/rapid/press-release_IP-19-4452_en.htm

European Commission: Fact Sheet, 24/07/2019: Commission assesses risks and implementation shortcomings in fight against money laundering and terrorist financing [Q&A] http://europa.eu/rapid/press-release_MEMO-19-4369_en.htm

European Commission: Speech, 24/07/2019: Speaking points of Commissioner Jourová on the Anti-money laundering package and Data protection communication http://europa.eu/rapid/press-release_SPEECH-19-4649_en.htm

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