Call for a single EU rulebook to fight money laundering and terrorist financing
The European Banking Authority (EBA) has responded in an Opinion and Report to the Commission’s request for advice of March 2020 on how to strengthen the EU’s legal framework to fight money laundering and terrorist financing (AML/CFT), drawing on its technical expertise in financial services regulation and its legal duty to lead, coordinate and monitor this area.
EBA advises that the Commission establish a single EU rulebook, which should include:
- Harmonised rules through a directly applicable Regulation;
- Add or amend current provisions that are not fit for purpose – such as concerning supervision powers of competent authorities;
- Review the list of obliged entities currently within the scope of the EU’s rules on AML/CFT;
- Clarify provisions in sectoral financial services legislation to ensure compatibility with AML/CFT objectives.