European Commission recommendations for strengthening the Anti-Money Laundering framework
In June, the European Commission published the Country Specific Recommendations for 2019 (CSR) as part of the European Semester. These recommendations are a yearly exercise in which the European Commission gives economic policy guidance to all EU Member States.
This year, the Commission calls on several Member States to "ensure effective supervision and the enforcement of the Anti-Money Laundering framework".
Not surprisingly, the Commission directs this specific recommendation to those countries that have been shaken recently by a number of banking scandals. In countries such as Sweden, Estonia and Latvia, preventing money laundering has become a priority, and while some positive steps have been taken, challenges still remain, in particular in the area of enforcement.
As a next step, the Country-Specific Recommendations will be discussed in the Council, where EU Member States have until early July to vote on their final adoption. Following the approval of the recommendations, their implementation will be monitored.