1. The Commission shall conduct an assessment of the risks of money laundering and terrorist financing and of non-implementation and evasion of targeted financial sanctions affecting the internal market and relating to cross-border activities.
2. By 10 July 2028, the Commission shall draw up a report identifying, analysing and evaluating those risks at Union level. The Commission shall update that report every 4 years thereafter. The Commission may update parts of the report more frequently, if appropriate.
Where, while updating its report, the Commission identifies new risks, it may recommend to Member States to consider updating their national risk assessments, or to carry out sectoral risk assessments, pursuant to Article 8 in order to assess those risks.
The report referred to in the first subparagraph shall be made public, except for those parts which contain classified information.
3. The report referred to in paragraph 1 shall cover at least the following:
(a) the areas and sect
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