Commissioner’s corner
![](https://ec.europa.eu/newsroom/repository/picture/2021-22/commissioner_TCsgmVfhWkTbnlx2QdmPUe6gGA_69780.jpg)
date: 31/05/2021
The post-COVID recovery phase will pose extra challenges, so a rethink of the anti-money laundering strategy is needed
On 17 May 2021, Commissioner McGuinness gave a speech at the AML Intelligence Boardroom Series on the importance of combatting money laundering and terrorist financing. Ms McGuinness started by underlining the fact that the recovery phase following the COVID-19 pandemic will pose extra challenges. Many businesses will be struggling and money will need to be funnelled to the economy, and this could create potential opportunities for criminals. So, a rethink of the EU’s anti-money laundering strategy is needed, to win the fight against crime. Ms McGuinness goes on to share some of the elements of the plans for the EU’s future anti-money laundering system, which was set out in an action plan in May of last year. While she stresses that everything is still subject to confirmation, Ms McGuinness said that common standards, common application and common supervision of rules will be at the heart of the EU’s approach.