Supervisory fragmentation could be addressed by the creation of an independent EU body/authority with a clear AML/CFT mandate, or by giving an existing EU authority a deeper AML/CFT mandate, always taking into account also the national specificities. ESBG is supportive of harmonised guidance, better coordinated implementation and unified supervisory practices across the EU, leveraging the experience and expertise of national supervisors as well as banking institutions in this field.

As reported by diverse reports from blockchain analysis, a large part of crypto-assets markets is linked to activities related to financial crime. We consider that novel issues arising from the use of new technologies in financial services require a proper regulation under a new approach. For example, new ​economic operators should be included in the list of obliged entities, as done by some member states when transposing the AMLD 5 into their national rules. Crowdfunding platforms are different types of services related to crypto-assets, including miners and issuers, should be included among the obliged entities. ​​

Recent developments in legislation have aimed to strengthen the EU anti-money laundering and countering the financing of terrorism (AML/CFT) framework. These include amendments to the 4th Anti-Money Laundering Directive (4AMLD) introduced by the 5th Anti-Money Laundering Directive (5AMLD), an upgraded mandate for the European Banking Authority, new provisions that will apply to cash controls starting from June 2021, amendments to the Capital Requirements Directive (CRDV), new rules on access to financial information by law enforcement authorities and a harmonised definition of offences and sanctions related to money laundering.