The European Commission has published an action plan aimed at combating money laundering and terrorist financing.
The plan sets out measures the Commission says it will take over the next 12 months to better enforce, supervise and coordinate EU rules on the issue, including shutting down any remaining loopholes and removing any weak links.
The Commission has also published an updated set of guidelines to identify what is describes as “high-risk third countries”. These are countries where the EU believes deficiencies in their systems pose significant threats to its financial system.
It has also adopted a new list of such countries, which includes the Bahamas, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Panama and Zimbabwe.
The action plan covers six different areas, including a drive to ensure member states implement EU rules effectively. The Commission also plans to put forward a more harmonised set of rules on in the first quarter of next year, as it believes diverging interpretations among member states can lead to loopholes.
There are also plans for an EU-level supervisor to close any gaps between member states, while the work of national Financial Intelligence Units is to be coordinated and supported by a new EU mechanism.
The Commission also plans to issue guidance on the role of public-private partnerships to enhance data sharing to fight money laundering and terrorist financing.
Finally, the EU is aiming to step up its global role within the Financial Action Task Force to shape international standards in the area.
Authorities and members of the public are being invited to provide feedback on the proposals up to 29 July.