The European Banking Authority (EBA) has published a Report on the future of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework in the EU as a response to the European Commission’s Call for Advice on defining the scope of application and the enacting terms of a regulation to be adopted in the field of preventing ML/TF dated 3 March 2020 (and as a response to Pillar 2 of the Commission’s Action Plan on ML/TF).
On 3 March 2020, the Commission asked the EBA to:
a) identify which aspects of AMLD4 should be harmonized;
b) identify whether some aspects of the AMLD should be strengthened and, if so, outline how this should be done;
c) identify whether there are any financial institutions, or activities, products or services, that should be subject to AML/CFT obligations but are not currently within the scope of the EU’s AML/CFT framework;
d) assess the interaction of a future AML/CFT Regulation (AMLR) with the amended AMLD.
The Commission also asked whether other EU legal instruments should be adjusted.