Over the past three decades, the European Union has constantly improved its framework to fight money laundering and terrorist financing. Despite the constant improvements, the existing framework still suffers from some shortcomings.
In 2020, the European Commission, therefore, presented an action plan for a new single EU anti-money laundering system, outlining areas for future proposals that the European Commission will present in a package in spring 2021. The main areas for this 2021 package will most likely be a proposal to transfer parts of the existing anti-money laundering Directive to a directly applicable regulation, as well as an EU level supervision with an EU-wide anti-money laundering supervisory system, and a coordination and support mechanism for Member States’ Financial Intelligence Units. This EPRS briefing presents the forthcoming Commission proposal as well as the opinions of relevant EU Institutions and stakeholders.
© European Union, 2021 – EP
Source: Briefing – Anti Money Laundering Package 2021 – 29-03-2021