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EU Commission to establish single rulebook on fighting money laundering and terrorist financing

Friday 11th September, 2020

The European Banking Authority (EBA) has published its response to a European Commission’s call for advice on how to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism.

The European Commission issued this call for advice to the EBA to take advantage of its technical expertise across all areas of financial services regulation. The EBA sets out how the EU legal framework should be strengthened to tackle vulnerabilities linked to divergent national approaches and gaps in the EU defences against money laundering and terrorist financing. This includes:

Harmonising the EU legal framework in a directly applicable Regulation where evidence suggests that divergence of national rules and practices has had a significant, adverse impact on the prevention of the use of the EU’s financial system.

Strengthen aspects of the current AML/CFT Directive where existing provisions are insufficiently robust or specific, for example in relation to competent authorities’ supervision powers in this area;

Clarify provisions in sectoral financial services legislation to ensure they are compatible with the EU’s AML/CFT objectives, for example by making sure that ML/TF risk is addressed consistently across all sectors.

 

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