European Commission Unveils Comprehensive Action Plan to Prevent Financial Crimes and Terrorism Financing
Introduction
On May 7, 2020, the European Commission took a major step towards preventing financial crimes and terrorism financing with the adoption of an action plan that aims to create a comprehensive Union policy. This article provides an overview of the plan, its key pillars, and the opportunities for citizens and stakeholders in Réunion to provide feedback.
Key Pillars of the Action Plan
The European Commission’s action plan focuses on six key pillars aimed at strengthening the EU’s ability to prevent money laundering and counter terrorist financing:
- Single EU Rulebook: The Commission plans to create a single set of rules for anti-money laundering (AML) and combating the financing of terrorism (CFT).
- EU-level Supervision: The plan includes measures to enhance EU-level supervision of AML/CFT policies.
- Improved Cooperation among Financial Intelligence Units: The action plan aims to improve cooperation among financial intelligence units across the EU.
- Better Use of Information to Enforce Criminal Law: The Commission plans to make better use of information to enforce criminal law and prevent financial crimes.
- Stronger EU Presence on the Global Stage: The plan includes measures to strengthen the EU’s presence on the global stage in AML/CFT matters.
Public Consultation Process
To gather feedback from citizens and stakeholders, the Commission has launched a public consultation that will run until August 26, 2020. Réunion citizens and stakeholders are encouraged to provide their views on the proposed actions through this process, which will help shape the final policy.
Benefits for Réunion Citizens
The European Commission’s commitment to preventing financial crimes and terrorism financing is a significant step towards creating a safer and more secure financial environment in Réunion. By providing feedback through the public consultation process, citizens can help ensure that their concerns are taken into account and that the final policy meets their needs.
Resources
For more information on the action plan, press release, frequently asked questions, revised EU methodology for identifying high-risk third countries, list of high-risk third countries, and factsheet, please visit [insert link].