Strengthening the EU Fight Against Money Laundering and the Financing of Terrorism

Anti-Money Laundering Europe held its latest meeting on 25th January and discussed how the EU can continue its fight against money laundering and terrorist financing, and how cooperation amongst institutions, as well as public private cooperation can be improved.

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Speakers included Europol, the European Commission's DG HOME, the ECON secretariat of the European Parliament and the FFIS, the event was moderated by Laura Heuvinck, manager of the AME Secretariat on behalf of Schuman Associates.

While a lot of posstive proposals have been developed in recent years and are currently under development by the European Commission, there are challenges remaining including the quality and effectiveness of information sharing particularly in regards to the high number of Suspicious Activity Reports (STRs), the rise of so-called low-cost attacks and lone wolf acts as well the issues around data protection which have still not been clarified.

Various of the challenges mentioned during the events will most likely be tackled and reviewed in the next legal framework which would the 6th Anti-Money Laundering Directive. This 6AMLD would need to provide private and public sector organisations with the necessary clarity over what can be shared and which impact is expected.

Further details of the event can be found here.

 

 

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