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ARTICLE · 24 MAY 2021

Europe's New AML Action Plan

Camilleri Preziosi
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On the 7th of May 2020, the European Commission (EC) formally announced its new AML/CFT action plan.

European UnionGovernment, Public Sector
Diane Bugeja
Diane Bugeja
Luke Mizzi
Luke Mizzi
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On the 7th of May 2020, the European Commission (EC) formally announced its new AML/CFT action plan. The reforms seek to create common standards, common application, and common supervision of EU rules, as it should be in a single market. The six pillars of the AML action plan include; the enforcement of existing rules, a single rulebook for EU Member States, a new EU AML authority, coordination and support mechanism for FIUs, law enforcement and information sharing and a role for the EU at a global level.

Single EU rulebook applicable to all Member States:

Rules for the private sector will be laid out in a directly applicable EU regulation and the same rules will apply across the EU in the most substantial areas. The system will follow a risk-based approach, meaning that when risks are relevant for the EU as a whole, they will act at an EU level. However, they do acknowledge that some risks only occur or are more prevalent in certain member states and therefore

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