Recent and Forthcoming Developments at EU Level against Money Laundering and Terrorist Financing

• Jurisdiction: European Union
• Year: 2021
• Author: Chiara Bacci

Speaker

Chiara Bacci works as a policy officer in the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union. She joined the financial crime unit in 2019 and leads the team dealing with the EU anti-money laundering framework.

Prior to that and since joining the Commission in 2014, Chiara dealt with a number of files relating to the internal market, from consumer protection to antitrust rules. Between 2016 and 2020, she has been involved in the preparation of the UK’s exit from the EU and the negotiation of the Trade and Cooperation agreement. Chiara graduated from the University of Bologna in public, political and social communication and holds a specialised MA in diplomatic studies.

Topic

This e-presentation provides a thorough and detailed overview of the latest legislative measures and forthcoming developments at the European Union (EU) level in the fight against money laundering and terrorist financing. It aims to shed light on the crucial importance of effectively implementing the existing EU Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework, while also highlighting the upcoming regulatory and institutional reforms outlined in the EU AML Action Plan 2020.

One of the key aspects emphasized in this e-presentation is the establishment of a single AML/CFT rulebook at the EU level. This rulebook will harmonize and streamline the AML/CFT requirements across member states, ensuring a consistent and cohesive approach to combating financial crimes. By standardizing regulations and procedures, this rulebook seeks to enhance the effectiveness of AML/CFT measures throughout the EU.

In addition to the single rulebook, the e-presentation also highlights the proposed establishment of an EU-level supervisor and EU coordination and support mechanism for Financial Intelligence Units (FIUs). The EU AML Action Plan recognizes the need for enhanced supervisory oversight and coordination to effectively combat money laundering and terrorist financing. The introduction of an EU-level supervisor and coordination mechanism aims to facilitate better collaboration and information sharing...