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:
- Effective application of EU rules by Member States and the European Banking Authority.
- A single EU rulebook via transferring some of the rules from a directive to a directly applicable EU regulation.
- The supervision of EU rules via an EU supervisor.
- Setting up an EU mechanism that is to coordinate and support national Financial Intelligence Units (FIUs).
- Further means to enforce EU level criminal law provisions and information exchange.
- 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.