Shearman & Sterling LLP | FinReg | EU Council Pushes for Further Harmonization of EU Anti-Money Laundering Rules
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  • EU Council Pushes for Further Harmonization of EU Anti-Money Laundering Rules


    The Council of the European Union has adopted strategic priorities for reforms to the EU's anti-money laundering and countering the financing of terrorism regime and has called upon the European Commission to put those priorities into action. In particular, the Council asks that the Commission:

    • Assess whether there are any restrictions on the exchange of information or cooperation between the various member state authorities responsible for AML and CTF supervision and, if so, to make legislative proposals to remedy the situation;
    • Consider whether any aspects of the EU's AML and CTF regime might be better implemented through a regulation to harmonize the position across the EU;
    • Consider how technology might be used to enhance combatting of AML and CTF; and
    • Consider how to enhance consistent AML and CTF supervision across the EU, in particular analyzing whether certain powers should be given to an EU body that might have direct powers over certain entities subject to AML and CTF supervision. 

    The Council requests that the Commission prioritizes the financial sector in its work, but also considers how the regime for those outside the financial sector could be improved. The Commission is to report on its work every six months, starting in June 2020.

    View the Council's strategic priorities for AML and CTF.

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