Austria Steps Up Efforts to Combat Financial Crime and Terrorism Funding

Strengthening Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Supervision in Austria

The Austrian authorities are intensifying their efforts to prevent money laundering and terrorism financing with the support of the Council of Europe and the European Union’s Technical Support Instrument (TSI). A new 24-month project aims to enhance the quality of public administration, cooperation, and risk-based AML/CFT supervision in Austria.

Project Objectives

Improve the risk-based AML/CFT supervision of selected high-risk sectors
Strengthen inter-institutional cooperation among regional and local authorities in Austrian states
Enhance understanding among obliged entities regarding their AML/CFT obligations

Key Activities

Review Austria’s legislative and administrative framework for risk-based AML/CFT supervision
Develop an Action Plan to address identified deficiencies
Create a uniform manual for competent supervisory authorities
Establish a framework for coordination and structured exchange of information between AML/CFT supervisors in Austrian states
Monitor progress and impact

Project Funding

The project is co-funded by the European Union via the Technical Support Instrument and the Council of Europe, with the Economic Crime and Cooperation Division leading the implementation.

Project Timeline

The project kicked off on September 1, 2023, with a meeting of its Project Advisory Group, comprising representatives from:

Ministry of Labour and Economy
Regional supervisory authorities
European Commission
Council of Europe

Importance of the Project

This effort is part of Austria’s commitment to combat financial crime and terrorism funding, aligning with EU and international standards set by the Financial Action Task Force (FATF). The project aims to enhance Austria’s ability to prevent and detect money laundering and terrorism financing, ultimately contributing to a safer and more secure environment for its citizens.