The ink may barely be dry on (most) Member States’ national legislation transposing the EU’s Fifth Anti-Money Laundering Directive but the European Commission is pressing ahead with ever-more ambitious plans to tackle money laundering and terrorism financing with the aim of ensuring EU anti-money laundering laws are enforced consistently across all Member States. On 7 May, the Commission adopted a new action plan, together with a parallel public consultation, with a view to delivering on the proposed actions by early 2021.
The new action plan is built on six specified pillars:
- Effective implementation of existing rules;
- A single EU rulebook;
- EU-level supervision;
- A support and cooperation mechanism for financial intelligence units;
- Better use of information to enforce criminal law; and
- A stronger EU in the world.