European anti-money laundering regulation and supervisory authority

The European Commission wants to crack down on money laundering and terrorist financing. This should be achieved through an anti-money laundering regulation applicable to all European countries. A European supervisory body will also be established.

These plans are part of a package of anti-money laundering measures proposed by the Commission. The action plan outlines concrete measures for the next 12 months. This will enable the Commission to better enforce, monitor, and coordinate EU anti-money laundering and countering the financing of terrorism regulations. The aim is to address gaps and weaknesses in EU regulations.

EU rules
Two points in the action plan are particularly relevant for the notarial profession. First, the creation of a single set of EU rules. The current rules are far-reaching and effective, but their application can vary across Member States. Because the rules are interpreted in different ways, gaps arise in the system. Criminals can exploit these. The second point is supervision at the EU level. Currently, each Member State is responsible for supervision separately. This can lead to shortcomings in how the rules are enforced. The Commission is proposing the establishment of a supervisory body at the EU level.

Roadmap
The European Commission has prepared the plans through a roadmap. Earlier this year, the Royal Dutch Association of Notaries (KNB) indicated, through the Council of Notaries of Europe (CNUE), that it agrees with the proposed approach. The European Commission has scheduled a consultation period for this action plan. If it were up to the KNB, the CNUE would participate again.