Anti-money-laundering package

Briefing 20-12-2021

The IA covers four Commission proposals on anti-money laundering and countering financing of terrorism. This legislative package includes major changes designed to strengthen and tackle shortcomings in the current regulatory framework, such as the creation of a new AML authority. This briefing analyses the strengths and weaknesses of the impact assessment accompanying the proposed revisions. The Commission consulted a wide range of stakeholders to support the initiative. The IA clearly defines the problem and the objectives that are directly linked to the problem drivers. However, the IA does not identify any operational objectives that would have facilitated the monitoring of the preferred options. Moreover, some options could have been refined to be more specific, such as for example on the exact criteria for selecting 'risky entities' subject to direct supervision at EU level. Finally, improvements requested by the RSB appear to be only partially addressed in the final IA.