The EU Commission put forward Thursday a set of measures it wants to take over the next 12 months to better enforce and coordinate EU rules on combating money laundering and terrorist financing. The main aim of the new approach is to shut down any remaining loopholes and remove any weak links in the EU’s rules. ”We need to put an end to dirty money infiltrating our financial system,” said EC vice-president Valdis Dombrovskis: ”Today we are further bolstering our defences to fight money laundering and terrorist financing, with a comprehensive and far-reaching Action Plan. There should be no weak links in our rules and their implementation.”
The Commission has also published a more transparent, refined methodology to identify high-risk third countries that have strategic deficiencies in their anti-money laundering and countering terrorist financing regimes that pose significant threats to the EU’s financial system. This will enhance our engagement with third countries and ensure greater cooperation with the Financial Action Task Force (FATF). Finally, the Commission has also adopted a new list of third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks.
The Action Plan is built on six pillars, each of which is aimed at improving the EU’s overall fight against money laundering and terrorist financing, as well as strengthening the EU’s global role in this area. When combined, these six pillars will ensure that EU rules are more harmonised and therefore more effective. The rules will be better supervised and there will be better coordination between Member State authorities.
Source: EU Business
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