Money laundering: Council sets strategic priorities for further reforms on 5 December 2019
Anti-money laundering was one of the top priorities at the Council's meeting of the EU’s finance ministers on 5 December 2019.
The Council adopted conclusions on strategic priorities for anti-money laundering and countering the financing of terrorism. The Council invited the Commission to explore possible further actions that could be undertaken to enhance the existing framework and to consider:
- To ensure cooperation between the relevant authorities and bodies involved in anti-money laundering and terrorist financing, including through addressing impediments on exchange of information between them;
- whether some aspects could be better addressed through a regulation;
- possibilities, advantages and disadvantages of conferring certain supervisory responsibilities and powers to an EU body.
The Council and the Commission also adopted a joint statement on "stablecoins". The statement highlights the opportunities that stablecoins present in terms of cheap and fast payments but also the challenges and risks they pose.
The Council and the Commission highlight their readiness to take all necessary measures to ensure appropriate standards of consumer protection and orderly monetary financial conditions. The Council and the Commission state that no global stablecoin arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed.
Non-cooperative tax jurisdictions
Without discussion, the Council adopted conclusions and endorsed a six-monthly report on the progress achieved by the Code of Conduct Group on business taxation. The report includes in particular a detailed state of play on the EU list of non-cooperative jurisdictions for tax purposes.