Action plan for a Policy on preventing money laundering and terrorist financing
- Posted by Tom Wijmans
- On 11 May 2020
On the 7th of May, the European Commission announced a new Action Plan for a policy on preventing money laundering and terrorist financing. The European Commission plans to strengthen the fight against money laundering and terrorist financing. This Action Plan covers the forthcoming 12 months and, although there is a public consultation until the 29th of July, the Action Plan will be adopted in parallel with the consultation period.
The Action Plan comprises the following 6 cornerstones
- 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 world
The European Commission based its Action Plan on lessons learned from the anti-money laundering package of 2019. It plans to have a more comprehensive set of rules and more transparent supervision, plus improved cooperation amongst the financial intelligence units across the EU.
Do you want to know what this Action Plan means to you? Please feel free to Contact us to arrange a meeting to discuss this further.