10 September 2020
The European Banking Authority (EBA) published today its response to a European Commission’s call for advice on how to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT). The European Commission issued this call for advice to the EBA to take advantage of its technical expertise across all areas of financial services regulation and because the EBA has a legal duty to lead, coordinate and monitor the EU financial sector’s fight against ML/TF.
In its advice, the EBA sets out how the EU legal framework should be strengthened to tackle vulnerabilities linked to divergent national approaches and gaps in the EU defences against money laundering and terrorist financing (ML/TF).
Specifically, the EBA recommends that the Commission establish a single rulebook to:
With this Opinion, the EBA complements its response to the European Commission’s consultation on its AML/CFT Action Plan, which advises on how to be effective and efficient in establishing a new EU AML/CFT supervisor by building on existing AML/CFT infrastructures.