On 3 November 2020, the European Union finance ministers examined the draft conclusions of the Council on countering money laundering and terrorist financing, which aim to provide the Commission with guidance in advance of its legislative proposals in 2021 on a single rule book, EU-level supervision and a coordination and support mechanism for member states' financial intelligence units.
During the discussion, ministers expressed support for these conclusions as prepared by EU Permanent Representatives Committee (Coreper) and at expert level. The Council also supports setting up an EU-level supervisor with direct supervisory powers over a selected number of high-risk obliged entities, as well as the authority to take over supervision from a national supervisor in clearly defined and exceptional situations.
Our previous blog post on European Commission’s action plan on anti-money laundering and countering the terrorist financing can be found here.
The press release on the conference can be found here.
The Draft Council conclusions can be found here.