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Glenn Cezanne P


EU Bytes


olicy is tirelessly moving on at EU level regarding anti-money laundering. You might remember that in previous editions of Casino International I discussed the


European Commission’s supranational risk assessment published in July 2019 followed by the Commission’s Roadmap published in February 2020. The latter was open to feedback until 11 March 2020 and I noted that I couldn’t identify any gambling business or representatives thereof having provided feedback. Well, now there is another chance. A public consultation was launched on 7 May this year which is open until 26 August. This consultation was launched in parallel to the “Action Plan for a comprehensive Union policy on preventing money laundering and terrorism fi nancing”. Let’s have a closer look.


The pillars


The Action Plan builds on six pillars: (1) Effective implementation of existing rules (2) A single EU rulebook (3) EU-level supervision (4) A support and cooperation mechanism for fi nancial intelligence units


(5) Better use of information to enforce criminal law


(6) A stronger EU in the world. A stronger EU in the world? Yep, that is a


pillar. But as politically, let’s say eloquent as it might sound, there is substance to it. Beyond COVID, the international context of climate change, the rise of the far right, trade wars, and the economic might of the far east has made the Commission set the priority for the EU to remain a sustainable economic powerhouse. The two key elements therein are green technology and digitalisation. The EU has also seen itself as a champion of human rights and anti-crime. Well, we all have our opinions on these ones, but what I suggest keeping in mind is how data protection has been approached. With the highest level of regulation globally for data protection, the EU has seen to make sure that any dealings with EU citizens have to abide by the relevant regulations. AML in Europe does and will not take another approach. And, the EU will seek to become champions of AML. Does it appear then as a surprise that the Commission simultaneously published a refi ned methodology to identify high-risk third


Glenn Cezanne looks at what’s going on with AML policy in the EU


countries that have strategic defi ciencies in their AML and CTF (counter- terrorist fi nancing)


regimes “ ”? Oh, and not to forget, a new list of third countries with strategic defi ciencies in their AML and CTF frameworks. Curious to know which countries are listed? The list includes: The Bahamas, Iraq, Pakistan, Syria, Panama and Yemen. Furthermore, you will fi nd a more active EU in


the Financial Action Task Force, the global money laundering and terrorist fi nancing watchdog (as it calls itself). In other words, we will see the EU push for EU ideals and standards to a global level.


The purpose So, what is the purpose of this Action Plan? As


the Commission states: “   ” Recent money laundering scandals involving several EU banks have proven that there is a long way to go. Let us have a look at the other pillars and see what is intended to this end.


26 AUGUST 2020


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