The European Union’s AML/CTF Action Plan: Missing Links to Regulatory Harmony
Significant differences in the implementation of EU AML/CTF Directives across Member States have enabled regulatory arbitrage and hindered both international supervision and cooperation. In response to these issues, the EU Action Plan proposes to achieve the harmonised and effective implementation of the EU AML/CTF framework through six primary initiatives.
EU's AML/CFT Action Plan
Recent money-laundering and terrorist financing scandals in Europe have raised questions as to the adequacy and effectiveness of the European Union’s current AML/CFT framework. In response, an Action Plan was published by the European Commission on 7 May 2020 outlining how it proposes to address shortcomings identified in the current regime.