On 7 May 2020, the Commission published an Action Plan for a comprehensive Union policy on preventing ML/TF. The Action Plan builds on six pillars:
(1) effective implementation of existing rules;
(2) a single EU rulebook;
(3) EU-level supervision;
(4) a support and cooperation mechanism for financial intelligence units;
(5) better use of information to enforce criminal law;
(6) a stronger EU in the world.
Pillars 1, 2, 3 and 6 relate to the EBA’s role against ML/TF.
The EBA has published its Response to the Commission’s Public Consultation on the above-mentioned Action Plan. The EBA’s technical advice on Pillars 1, 3 and 6 of the Action Plan is set out in this response.
Moreover, on 3 March 2020, the Commission issued a call for advice to the EBA for defining the scope of application and the enacting terms of a Regulation to be adopted in the field of preventing money laundering and terrorist financing. The EBA will respond to this call by 10 September 2020, providing technical advice on Pillar 2 of the Action Plan.