Financial Crime World

EU Fights Money Laundering and Terrorist Financing: New Trends and Strategies Emerge

The European Union has launched an open public consultation on new trends and strategies to strengthen its efforts against money laundering and terrorist financing.

Seeking Feedback from Stakeholders

The consultation seeks feedback from stakeholders on several key areas, including:

  • The functioning of financial intelligence units (FIUs)
  • Public-private partnerships
  • The EU’s global role in combating these crimes

FIUs: Challenges and Opportunities

Recent analyses have shown that FIUs generally function well, but there are several weaknesses that need to be addressed. For example:

  • Feedback to obliged entities remains limited, particularly in cross-border cases, leaving the private sector without indications on the quality of their reporting system.
  • The consultation seeks stakeholder views on what activities could be entrusted to an EU coordination and support mechanism for FIUs and which body should host this mechanism.

Public-Private Partnerships: Balancing Benefits with Concerns

Public-private partnerships are gaining momentum as a means to make better use of financial intelligence. However, concerns have been raised regarding the application of EU fundamental rights and data protection rules in these partnerships. The consultation seeks feedback on what actions are needed to facilitate the development of public-private partnerships within the boundaries of EU fundamental rights.

Strengthening the EU’s Global Role

The European Union is also strengthening its global role in combating money laundering and terrorist financing through international cooperation mechanisms such as the Financial Action Task Force (FATF). However, there is a need for the Commission and Member States to speak with one voice and for the supranational nature of the EU to be adequately taken into account when Member States undergo assessment of their national frameworks.

The consultation seeks stakeholder views on what actions are needed to secure a stronger role for the EU globally. Some possible actions include:

  • Giving the Commission the task of representing the European Union in the FATF
  • Pushing for FATF standards to align with EU ones whenever the EU is more advanced

Share Your Thoughts

What do you think about these key areas? Share your thoughts by completing the online questionnaire. Your input will help shape the EU’s strategy against money laundering and terrorist financing.

Deadline: [Insert deadline]

Additional Information

If you wish to provide additional information or raise specific points not covered by the questionnaire, you can upload a document here. Please note that uploaded documents will be published alongside your response to the questionnaire.