Financial Crime World

Austria Steps Up Efforts to Combat Money Laundering and Terrorist Financing

Strengthening Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)

Austria has received support from the Council of Europe’s Economic Crime and Cooperation Division to enhance its framework for anti-money laundering (AML) and combating the financing of terrorism (CFT). This initiative is funded by the European Union and aims to improve risk-based AML/CFT supervision among regional and local authorities, particularly in private sectors exposed to higher money laundering and terrorism financing risks.

Project Objectives

The project involves a comprehensive review of Austria’s existing legislative and administrative framework for risk-based AML/CFT supervision of selected higher-risk sectors, including non-financial businesses. The review will be conducted in partnership with Austrian regional supervisory authorities and the Federal Ministry of Labour and Economy.

Consultations with Stakeholders

To gather preliminary information, the Council of Europe organized a series of online meetings with representatives from all Austrian regional supervisory authorities and the Federal Ministry of Labour and Economy on November 29-30. These meetings provided an opportunity for stakeholders to discuss and share their experiences and perspectives on the implementation of AML/CFT provisions in each region.

Outcomes of Consultations

During the consultations, participants engaged in substantive sessions, sharing information and reflecting on challenges and best practices in risk-based AML/CFT supervision. The meetings also helped identify issues that will be further analyzed during the review process.

Next Steps

Following the meetings, the Council of Europe’s expert team has finalized a technical paper outlining preliminary findings and issues for further analysis, as well as developed detailed questionnaires for the next data collection phase.

Technical Support Instrument (TSI)

The project is part of the Technical Support Instrument (TSI) initiative, which aims to enhance the quality of public administration and cooperation in Austria. The TSI project is co-funded by the European Union and the Council of Europe and implemented by the Council of Europe in cooperation with the European Commission’s DG REFORM.

Key Takeaways

  • Austria has received support from the Council of Europe’s Economic Crime and Cooperation Division to enhance its framework for anti-money laundering (AML) and combating the financing of terrorism (CFT).
  • The project aims to improve risk-based AML/CFT supervision among regional and local authorities, particularly in private sectors exposed to higher money laundering and terrorism financing risks.
  • Consultations with stakeholders have identified issues that will be further analyzed during the review process.