European Council action plan to better tackle money laundering and terrorist financing

Released 04 December 2018

‘The European Council has adopted conclusions on an action plan to better tackle money laundering and terrorist financing.’

‘The conclusions set out a number of short-term non-legislative actions to address 8 key objectives:’

identify the factors that contributed to the recent money laundering cases in EU banks, to better inform possible additional actions in the medium and long term;

map relevant money laundering and terrorist financing risks and the best prudential supervisory practices to address them;

enhance supervisory convergence and better take into account anti-money laundering aspects in the prudential supervisory process;

ensure effective cooperation between prudential and money laundering supervisors;

clarify aspects related to the withdrawal of a bank's authorisation in case of serious breaches;

improve supervision and exchange of information between relevant authorities;

share best practices and find grounds for convergence among national authorities;

improve the European supervisory authorities' capacity to make better use of existing powers and tools.

‘For more information and to view the conclusions, see Money laundering: Council adopts conclusions on an action plan for enhanced monitoring.’

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