Report on the assessment of recent alleged money laundering cases involving EU credit institutions

Summary:

Report presented on 24 July 2019 by the European Commission as part of a package aimed at supporting European and national authorities in better addressing money laundering and terrorist financing risks.

Further information:

Over time, the European Union has developed a solid regulatory framework for preventing money laundering and terrorist financing, in line with international standards adopted by the Financial Action Task Force. However there have been a number of recent incidents involving European banks which have focused attention on how EU rules have been implemented.

The Union’s co-legislators agree on the need to identify any structural flaws in the current regulatory and supervisory framework. The European Parliament has repeatedly called for the adequacy of the current framework to be assessed. In December 2018 the Council of the European Union invited the European Commission to conduct “a post-mortem review of the recent alleged money laundering cases involving EU credit institutions”.

This report constitutes the Commission’s response. Its principal aim is to indicate the shortcomings and lessons learnt and to provide evidence with a view to informing any further policy actions, should they be considered necessary.

This report is one of a set of four reports accompanied by the Commission Communication 'Towards better implementation of the EU’s anti-money laundering and countering the financing of terrorism framework'.

Official

European Commission: Press Release, 24/07/2019: Fight against money laundering and terrorist financing: Commission assesses risks and calls for better implementation of the rules http://europa.eu/rapid/press-release_IP-19-4452_en.htm

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