Representation in Ireland

Fight against money laundering and terrorist financing: Commission assesses risks and calls for better implementation of the rules

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Image with text: Fight against Money Laundering
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The European Commission is today adopting a Communication and four reports that will support European and national authorities in better addressing money laundering and terrorist financing risks. The Juncker Commission put strong EU rules in place with the fourth and the fifth Anti-Money laundering directives and reinforced the supervisory role of the European Banking Authority. The reports stress the need for their full implementation while underlining that a number of structural shortcomings in the implementation of the Union's anti-money laundering and counter terrorist financing rules still need to be addressed.
24/07/2019

Today's package will serve as a basis for future policy choices on how to further strengthen the EU anti-money laundering framework.

Věra Jourová, Commissioner for Justice, Consumers and Gender Equality said: "We have stringent anti-money laundering rules at EU level, but we need all Member States to implement these rules on the ground. We don't want to see any weak link point in the EU that criminals could exploit. The recent scandals have shown that Member States should treat this as a matter of urgency.”

The "Towards a better implementation of the EU's anti-money laundering and countering the financing of terrorism framework" Communication gives an overview of the four reports published today: the supranational risk assessment report provides an update of sectorial risks associated with money laundering and terrorist financing. The assessment of recent high-profile money laundering cases in the financial sector, the Financial Intelligence Units and the interconnection of central bank account registries' reports analyse the shortcomings in current anti-money laundering supervision and cooperation, and identifies ways to address them.

The full European Commission press release with attachments is available here.