European Commission’s New AML/CFT Action Plan and Decision to Task New EU Agency with EU-Level Supervision

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Saturday, May 30, 2020
Author: 
Michael Plachta
Volume: 
36
Issue: 
6
Abstract: 

On May 7, 2020, the European Commission published an ambitious and multifaceted Action Plan, which sets out concrete measures that the Commission will take over the next 12 months to better enforce, supervise, and coordinate the EU's rules on combating money laundering and terrorist financing. The aim of this new, comprehensive approach is to shut down any remaining loopholes and remove any weak links in the EU's rules.[1