After the virtual ECOFIN meeting of EU Finance Ministers on 4 November 2020, Olaf Scholz gave an overview of the main results in a press conference. A big step forward was made in the fight against money laundering: „The fight against money laundering and terrorism financing is a priority of Germany’ EU-Presidency. Recurrent leaks on alleged money laundering cases, including in the EU, underline the urgency to act. We need to strengthen our institutional set-up and legal framework at the EU level. In the past months, we prepared ambitious Council conclusions to provide our guidance to the Commission for its expected legislative proposals early next year. Today, we reached a political agreement. That is a big step forward - towards even tougher anti-money laundering measures“, said the German Finance Minister.