| Author (Corporate) | European Commission |
|---|---|
| Series Details | C (2020) 2800 |
| Publication Date | 07/05/2020 |
| Content Type | Policy-making |
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Summary: Communication published by the European Commission on 7 May 2020, which sets out an action plan for a comprehensive EU-wide policy on preventing money laundering and terrorism financing. Further information: The European Commission published a Communication in July 2019, which sets out a number of measures to ensure the implementation of a comprehensive EU policy on preventing money laundering and countering the financing of terrorism (AML/CFT). While rules are seen as far-reacing, they have not been applied in a fully coherent manner across the European Union, which has led to fragmentation between Member States. Following the publication of that Communication, the European Parliament and the Council of the European Union provided feedback and invited the Commission to investigate what steps could be taken to achieve a more harmonised set of rules across the EU. The present Action Plan is the European Commission's reply to that feedback and is a first a first step towards a new, comprehensive framework. The action plan builds on six pillars:
The Commission expressed the intention to deliver on all these actions by early 2021. A public consultation relating to this action plan was also launched, aimed at gathering views from citizens and stakeholders until 29 July 2020. The action plan was published alongside an update list of high-risk third countries and a staff working document which sets out a new methodology to identify high-risk third countries. |
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| Source Link | Link to Main Source https://ec.europa.eu/finance/docs/law/200507-anti-money-laundering-terrorism-financing-action-plan_en.pdf |
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| Subject Categories | Justice and Home Affairs |
| Subject Tags | Organised Crime, Terrorism |
| Keywords | Money Laundering, Terrorist Financing |
| International Organisations | European Union [EU] |
