The conclusions, which had been prepared by the German Council Presidency, are aimed at defining the Council’s priorities in the fight against money laundering and terrorism financing in Europe and providing the European Commission with guidance in advance of its legislative proposals in 2021. In the discussion, ministers expressed their broad support for the Council conclusions and for the progress that has been achieved in further developing the legal framework.

The Council called for (a) further harmonisation of anti-money laundering rules in an EU regulation, (b) setting up European anti-money laundering supervision with direct supervisory powers, and (c) the establishment of a coordination and support mechanism for Financial Intelligence Units. The Council wants the European anti-money laundering supervision to be responsible for a limited number of companies whose business activities have particularly high money laundering/terrorist financing risks. It should also have the authority to take over supervision from a national supervisor in clearly defined and exceptional situations.