European Commission Proposes Enhanced Implementation of AML/CFT Framework

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Saturday, August 3, 2019
Author: 
Bruce Zagaris
Volume: 
35
Issue: 
8
Abstract: 

On July 24, 2019, the European Commission adopted a Communication and four reports to support European and national authorities in strengthening their responses to money laundering and terrorist financing risks.[1] The report by the Commission toward better implementation of the EU’s anti-money laundering and countering the financing of terrorism framework provides an overview of the four reports.  The supranational risk assessment report gives an update of sectoral risks associated with money laundering and terrorist financing.  The assessment of recent high-profile money laundering cases in the financial sector, the Financial Intelligence Units, and the interconnection of central bank account registries’ reports analyze the shortcomings in current anti-money laundering supervision and cooperation and identifies ways to address them.