The European Commission’s new package on AML/CTF

ABBL Published 08.05.2020

On 7 May the European Commission published its brand-new package in the fight against money-laundering and terrorist financing. The whole package includes various elements and notably an action plan, a new methodology to identify high risk third countries and a list of these non-EU jurisdictions.

The key stone of the package is nevertheless the action plan which is based on 6 pillars:

  1. Effective application of EU rules by Member States and the European Banking Authority.
  2. A single EU rulebook via transferring some of the rules from a directive to a directly applicable EU regulation.
  3. The supervision of EU rules via an EU supervisor.
  4. Setting up an EU mechanism that is to coordinate and support national Financial Intelligence Units (FIUs).
  5. Further means to enforce EU level criminal law provisions and information exchange.
  6. Enhancing the role of the EU at the global stage via its engagement with the FATF and its list of high-risk third countries.

The next step will then be the publication of official proposals in the first quarter of 2021 regarding the above-mentioned regulation to strengthen the EU rulebook, a legislative proposal to create an EU AML supervisor as well as a proposal on the creation of a coordination and support mechanism between national FIUs.

The Commission has launched a public consultation on the action plan that will remain open until 29 July for comments.


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