Latest Report of the EC on the Assessment of the Risk of Money Laundering and Terrorist Financing Affecting the Internal Market and Relating to Cross-border Activities

JurisdictionEuropean Union
Year2024

Speaker


Juan Antonio Salazar has worked for the European Commission since 2003 in several Directorate Generals of the European Commission, in various areas as the free movement of goods, conclusion of trade agreements with third countries, and enforcement of EU Law. Since 2018 works as Principal Administrator for the Financial Crime Unit in the Directorate General Financial Stability, Financial Services, and Capital Markets Union (FISMA).


Previously he worked as Advisor of the President of the Basque Parliament (Basque Country, Spain), in the Legal Service of the Basque Government (Basque Country, Spain), and as a university professor (EU Law and International relations).


Topic


The 2022 edition of the Strategic Non-Financial Risk Assessment (SNRA) outlines significant challenges and developments in combating money laundering and terrorist financing within the European Union. Mandated by EU law, the SNRA serves as a critical tool for identifying and addressing these risks comprehensively.


Key findings highlight heightened risks due to evolving criminal behavior influenced by the COVID-19 pandemic and geopolitical sanctions, particularly against Russia and Belarus. The SNRA identifies vulnerabilities across various sectors, including financial institutions, non-financial entities, gambling, and non-profit organizations, exacerbated by factors such as cash-intensive businesses and the use of crypto-assets.


The assessment underscores persistent challenges in beneficial ownership transparency, inconsistent AML/CFT supervision, and gaps in international cooperation. It emphasizes the need for robust regulatory frameworks, enhanced supervisory resources, and improved information sharing among EU member states and relevant stakeholders.


Mitigating measures proposed include stricter controls on high-value transactions, enhanced customer due diligence protocols, and targeted training for professionals in high-risk sectors. The SNRA also advocates for continuous monitoring and adaptation of regulatory frameworks to combat emerging threats effectively.


Looking forward, the SNRA calls for sustained efforts to fortify the EU's financial integrity, aligning with broader...

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