Laws to combat money laundering and the financing of terrorism are designed to prevent the financial market from being misused for these purposes.
EU rules in this area are largely based on international standards adopted by the Financial Action Task Force (FATF). They are tailored to the EU’s needs and complemented by national rules.
- An Expert Group on Money Laundering and Terrorist Financing meets regularly to share views and help the Commission define policy and draft new legislation.
- A Committee on the Prevention of Money Laundering and Terrorist Financing may also be convened to give its opinion on implementing measures put forward by the Commission.
- The European Commission takes part in the informal network of Financial Intelligence Units (the EU FIUs Platform) .
- The Joint Committee of European Supervisory Authorities works on measures to combat money laundering.
International cooperation involving the European Commission
- The Commission belongs to the Financial Action Task Force (FATF) , the main international body concerned with combating money laundering, the financing of terrorism and other threats to the integrity of the international financial system.
- It also has observer status on the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval)