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European Commission’s communication on better addressing money laundering and terrorist financing risks

European Commission’s communication on better addressing money laundering and terrorist financing risks
Published on: 15 August 2019
Published by: LexisPSL
  • European Commission’s communication on better addressing money laundering and terrorist financing risks
  • Original news
  • What is this development about and what is the background? Why has it been published now?
  • The Commission stresses the importance of cross-border cooperation, eg cooperation between Financial Intelligence Units (FIUs) and interconnection of central bank account registries. How is this likely to be affected by Brexit?
  • The FCA has recently imposed major fines for AML failings—eg Deutsche Bank, Canara Bank, Standard Chartered. Does this put the UK at the forefront of AML enforcement in the EU, or make it one of the EU’s problem states?
  • What is the realistic timeframe for further action on AML at the EU level?
  • What is the potential impact of this for practitioners, and what should they be aware of?

Article summary

Financial Services analysis: Rachel Cook, senior associate at Peters and Peters, considers a communication adopted by European Commission, along with four associated reports designed to support EU and national authorities in addressing money laundering and terrorist financing risks. or take a trial to read the full analysis.

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