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EU: Commission adopts action plan on AML/CFT

The European Commission ('the Commission') announced, on 7 May 2020, that it had adopted its Communication on an Action Plan for a Comprehensive Union Policy on Preventing Money Laundering and Terrorist Financing ('the Action Plan') and related questions and answers ('the Q&As'). In particular, the Action Plan sets out concrete measures that the Commission will take over the next 12 months to better enforce, supervise, and coordinate the EU's anti-money laundering and counter-financing of terrorism ('AML/CFT') rules. In addition, the Action Plan is based on, among other things, the effective application of EU rules, a more harmonised approach, a EU-level supervision, and the coordination of Member States financial intelligence units. Moreover, the Commission stated that it had published a new methodology to identify high-risk third countries that have strategic deficiencies in their national AML/CFT regimes, in order to provide more clarity and transparency in the process of identifying these third countries.

You can read the press release here, the Action Plan here, and the Q&As here.

UPDATE (11 May 2020)

EBA and EBF welcome Commission's Action Plan

The European Banking Authority ('EBA') and the European Banking Federation ('EBF') announced, on 7 May 2020, that they support the Action Plan.

You can read EBA's press release here and EBF's press release here.