The UIF has published the second newsletter of 2021, outlining the main developments in the European AML framework and the related initiatives currently underway.
The EU Commission has adopted an "Action plan for a comprehensive Union policy on preventing money laundering and terrorism financing", which is built on six pillars for future reforms in this area. The Commission is going to submit specific legislative proposals, including for establishing an FIU coordination and support mechanism at EU level.
The EU Council endorsed this reform programme in its recent conclusions and has invited the Commission to give it top priority. Italy has promoted a 'common position' for the Member States on the characteristics of this mechanism.
The UIF's Director set out the current EU developments on these issues and the main national implications at a parliamentary hearing.
The expiry of the Brexit transition period and the United Kingdom's withdrawal from the common EU system of rules, controls and cooperation makes it necessary to ensure the persistence of adequate measures for preventing money laundering and terrorism financing. The newsletter underlines that the existing agreements provide a general framework which still has to be completed, within which the UIF is continuing its bilateral cooperation with UKFIU.
