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The Council has established a framework that allows the EU to impose restrictive sanctions against external cyber-attacks threatening the Union or its Member States. The framework comes in response to recent malicious cyberattacks that originated or were carried out outside the EU and affected the EU Member States’ critical infrastructure, competitiveness, and/or state functions.

On 7 June 2019, the EU added another piece of cybersecurity legislation: the “Cybersecurity Act” . It introduces a framework for European Cybersecurity Certificates and reinforces the mandate of the EU Agency for Cybersecurity (ENISA).

The Commission is not fully satisfied as to how Member States have transposed Directive 2014/62/EU on the protection of the euro and other currencies against counterfeiting by criminal law.

The European Parliament and the Council adopted new legislation that improves the access of law enforcement authorities to financial information.

In parallel with other reports in the area of anti-money laundering, on 24 July 2019, the Commission published a report on the interconnection of national centralised automated mechanisms (central registries or central electronic data retrieval systems) of the Member States on bank accounts (COM(2019) 372 final).

In a series of anti-money laundering reports (all published on 24 July 2019), the Commission assessed the framework for cooperation between Financial Intelligence Units (FIUs).The Commission concludes that cooperation has improved greatly over the past few years. However, several shortcomings remain.

On 24 July 2019, the Commission published a report on recent alleged money laundering cases involving EU credit institutions (COM(2019) 373 final). This report is the Commission’s response to requests from the European Parliament and the Council to carry out a thorough review of whether there are structural flaws in the regulatory and supervisory framework.

The Supranational Risk Assessment (SNRA) report of 24 July 2019 systematically analyses the money laundering or terrorist financing risks of specific products and services. It focuses on vulnerabilities identified at the EU level, both in terms of legal framework and in terms of effective application, and provides recommendations for addressing them.

On 24 July 2019, the Commission published a Communication and four reports that assess the risks of money laundering and the implementation of the EU’s anti-money laundering/countering terrorist financing (AML/CFT) framework. The package is designed to support European and national bodies so that they may better counter the risks of money laundering.

Since mid-May 2019, EU Member States are able to use a new electronic tool that is expected to detect VAT fraud at an early stage. The Transaction Network Analysis (TNA) is an automated data mining tool that interconnects Member States’ tax IT platforms.