• Reasons for and objectives of the proposal
Money laundering and terrorism financing (ML/TF) pose a serious threat to the integrity of the EU economy and financial system and the security of its citizens. Europol has estimated that around 1% of the EU’s annual Gross Domestic Product is ‘detected as being involved in suspect financial activity’ [Europol, ‘From suspicion to action: Converting financial intelligence into greater operational impact’, 2017.]. In July 2019, following a number of prominent cases of alleged money laundering taking place at EU credit institutions, the Commission adopted a set of document [Communication from the Commission - Towards better implementation of the EU's anti-money laundering and countering the financing of terrorism framework (COM/2019/360 final), Report from the Commission on the assessment of recent alleged money laundering cases involving EU credit institutions, (COM/2019/373 final), and other reports.] analysing the effectiveness an
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