The EU Anti-Money Laundering (AML) Action Plan (15164/18) was adopted by the Council of The EU (ECOFIN) on 4 December 2018 in order to strengthen prudential and anti-money laundering supervision of financial institutions of the EU Member States.
The Council of the EU has recognised the importance of work ongoing and efforts made to promote international standards on Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT); and urged the Member States to swiftly implement the AML Action Plan in order to fulfil the determined objectives accordingly:
1) to identify the factors that contributed to the recent money laundering cases in EU banks;
2) to map relevant money laundering / terrorist financing risks and best prudential supervisory practices to address them;
3) to enhance supervisory convergence by providing common guidance on AML/CFT-related aspects into the prudential supervisory process;
4) to clarify aspects related to the withdrawal of authorisation;
5) to improve AML/CFT supervision and exchange of information between the relevant authorities;
6) to improve the ESAs’ capacity to make better use of existing supervisory powers and tools, and others.
The AML Action Plan clarifies the short-term actions, timelines and responsible entities in order to achieve these objectives.
According to the European Council Conclusions, it complies with the 4th and 5th Anti-Money Laundering Directives which should be transposed and implemented by Member States ahead of the 2020 deadline.
For further details on this update, kindly contact:
Franco Falzon C.P.A., LL.M
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