- Harmonise the EU legal framework in a directly applicable Regulation where evidence suggests that divergence of national rules and practices has had a significant, adverse impact on the prevention of the use of the EU’s financial system for ML/TF purposes. This is the case for customer due diligence and wider AML/CFT systems and controls requirements, as well as for those rules governing key supervisory processes such as ML/TF risk assessments, cooperation and enforcement;
- Strengthen aspects of the current AML/CFT Directive where existing provisions are insufficiently robust or specific, for example in relation to competent authorities’supervision powers in this area;
- Review the list of obliged entities currently within the scope of the EU’s AML/CFT regime;
- Clarify provisions in sectoral financial services legislation to ensure they are compatible with the EU’s AML/CFT objectives, for example by making sure that ML/TF risk is addressed consistently across all sectors.
At a time where vaccination campaigns are accompanied by a willingness to relax restrictions taken to protect public health against the threat of the COVID-19 pandemic, the issue of a