The EC has presented an all-embracing new Action Plan which aims to close any remaining loopholes in existing EU anti-money laundering and counter terrorist financing rules. The Plan includes proposed legislation to create a single EU rule book on areas to be regulated at EU level and to create a new EU AML supervisory body. Other proposals include a stronger role for the EU in reinforcing and raising international standards, including in cooperation with the FATF, plus a ‘refined’ methodology for identifying high-risk non EU countries.  A public consultation accompanying the Action Plan is open until 29th July. Based on the feedback received, the EC intends to propose legislation in 2021.

For more information, please contact the secretariat here.