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Money laundering is a global phenomenon that requires strong international cooperation. The
Commission already works closely with its international partners to combat the circulation of dirty
money around the globe. The Financial Action Task Force (FATF), the global money laundering and
terrorist financing watchdog, issues recommendations to countries. A country that is listed by FATF
will also be listed by the EU. There will be two EU lists, a “black-list” and a “grey-list, reflecting the
FATF listing. Following the listing, the EU will apply measures proportionate to the risks posed by the
country. The EU will also be able to list countries which are not listed by FATF, but which pose a
threat to the EU's financial system based on an autonomous assessment.
The diversity of the tools that the Commission and AMLA can use will allow the EU to keep pace with
a fast-moving and complex international environment with rapidly evolving risks.
Next steps
The legislative package will now be discussed by the European Parliament and Council. The
Commission looks forward to a speedy legislative process. The future AML Authority should be
operational in 2024 and will start its work of direct supervision slightly later, once the Directive has
been transposed and the new regulatory framework starts to apply.
Background
The complex issue of tackling dirty money flows is not new. The fight against money laundering and
terrorist financing is vital for financial stability and security in Europe. Legislative gaps in one
Member State have an impact on the EU as a whole. That is why EU rules must be implemented and
supervised efficiently and consistently to combat crime and protect our financial system. Ensuring
the efficiency and consistency of the EU AML framework is of the utmost importance. Today's
legislative package implements the commitments in our Action Plan for a comprehensive Union
policy on preventing money laundering and terrorism financing which was adopted by the
Commission on 7 May 2020.
The EU framework against money laundering also includes the regulation on the mutual recognition
of freezing and confiscation orders, the directive on combating money laundering by criminal law, the
directive laying down rules on the use of financial and other information to combat serious crimes,
the European Public Prosecutor's Office, and the European system of financial supervision.
IP/21/3690
Press contacts:
Daniel FERRIE (+32 2 298 65 00)
Aikaterini APOSTOLA (+32 2 298 76 24)
General public inquiries: Europe Direct by phone 00 800 67 89 10 11 or by email
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