On May 7, 2020, a “ Communication From the Commission on an Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing” was published in conjunction with the launch of their public consultation requesting feedback on the actions proposed by the Commission to achieve a comprehensive Union policy on preventing money laundering and terrorist financing, and the best way to implement these actions. The Commission’s Action Plan stresses their commitment to combatting both EU and global money laundering and terrorist financing (ML/TF) issues, and the increased instances of criminal activity stemming for the Covid-19 pandemic. The Commission hopes to create a stronger AML/CFT framework and an integrated EU AML/CFT system; and “intends to implement a comprehensive AML/CFT policy, adapted to the specific threats, risks and vulnerabilities currently facing the EU14 and designed in a manner that can evolve efficiently while taking into account innovation.”
The Action Plan outlines how the Commission plans to carry out their objectives by building on the following six pillars:
- Ensuring the effective implementation of the existing EU AML/CFT framework;
- Establishing an EU single rule book on AML/CFT;
- Bringing about EU level AML/CFT supervision;
- Establishing a support and cooperation mechanism for FIUs;
- Enforcing Union-level criminal law provisions and information exchange;
- Strengthening the international dimension of the EU AML/CFT framework.
WOCCU looks forward to responding to the Commission’s consultation and supporting the consideration of credit unions in the formulation and implementation of their action items addressing ML/TF prevention.