Proposal for a Regulation of the European Parliament and of the Council establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) 1094/2010, (EU) 1095/2010

On 20 July 2021, the European Commission presented a proposal for a Regulation establishing the authority for Anti-Money Laundering and Countering the Financing of Terrorism amending Regulations (EU) No 1093/2010, (EU) 1094/2010, (EU) 1095/2010.

This proposal for a regulation is one of the measures announced by the European Commission under the Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing which was adopted on 7 May 2020.

Based on the proposal the Authority for Anti-money laundering and Countering the financing of Terrorism would have a twofold purpose: first the Anti-Money Laundering and Countering Fincancing of Terrorism supervision, and second, the support of EU Financial Intelligence Units.

The aim is to create a central point that will set a common system of AML/CFT supervision across EU and coordinate national AML/CFT supervisory authorities. The Authority will also directly supervise some of the riskiest financial institutions. Regarding FIUs the Authority would facilitate cooperation and support cooperative operational analyses.

The file was assigned jointly to the Economic and Monetary Affairs Committee and the Civil Liberties, Justice and Home Affairs Committe. On 29 October 2021 RADEV Emil and GARICANO Luis were appointed as rapporteurs for the file.

The file awaits Committee decision.