ARTICLE · 01 JUNE 2020

A New Centralised Regime For AML And CFT In The EU?

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The EU has announced an Action Plan on AML/CFT which is built, as described in the article below, on six pillars.

GibraltarGovernment, Public Sector

Selwyn Figueras

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The EU has announced an Action Plan on AML/CFT which is built, as described in the article below, on six pillars:

Ensuring the effective implementation of the existing EU AML/CFT framework;
Establishing a single EU rule book on AML/CTF;
Bringing about EU level AML/CTF supervision;
Establishing a support and cooperation mechanism for Financial Intelligence Units;
Enforcing Union-level criminal law provisions and information exchange; and
Strengthening the international dimension of the EU AML/CTF framework.

We've been here before, and as the author of the article alludes to, the AML/CTF construct needs, as it has always done, to focus more on the mischief than on the process of identifying it.

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