On 30 September 2019, the Council of the EU published a Presidency Issues Note on its strategic priorities on anti-money laundering (AML) and counter-terrorist financing (CTF). In the note, the Presidency outlines several issues likely to continue impeding the effectiveness of the European AML/CTF framework. These concerns were raised earlier last month when the European Parliament passed a resolution for AML rules to be better coordinated and implemented in a timely manner (see previous blog here). To address these issues, the Presidency invites EU ministers to discuss the following:
- What would be the most appropriate scope of further reforms?
- Which AML/CTF aspects would most benefit from further harmonisation through a Regulation?
- Is the creation of a new EU body a valid way forward to ensure adequate supervision?
- How could effective cooperation be ensured between the relevant authorities and bodies involved in AML/CTF?
- The outcome from these discussions will be used to inform Council conclusions to be adopted on 5 December 2019.