The EU presidency issues note on strategic AML/CFT priorities

The Council of the European Union has published a presidency issues note on the EU’s strategic priorities on anti-money laundering and countering the financing of terrorism (AML/CFT), ahead of the ECOFIN meeting on 10 October 2019.

The report highlights a number of issues to be addressed, including:

  • differentiated implementation, with wide national discretion in framing the obligations of banks and other obliged entities
  • divergent tasks, competences and powers of the various authorities and bodies in charge of AML/CFT
  • substantial differences in the nature, amount and use of sanctions across the EU
  • unclear supervision/supervisory responsibilities of cross-border activities
  • insufficient co-operation between AML/CFT supervisors, prudential supervisors, financial intelligence units (FIUs) and law enforcement authorities, including those in third countries
  • insufficient co-ordination and support for FIUs in carrying out their general tasks, including joint analysis

Source: http://data.consilium.europa.eu/doc/document/ST-12416-2019-INIT/en/pdf

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