Risk assessment at Union level
Article 7
1. The Commission shall conduct an assessment of the risks of money laundering and terrorist financing and of non-implementation and evasion of targeted financial sanctions affecting the internal market and relating to cross-border activities. 2. By 10 July 2028, the Commission shall draw up a report identifying, analysing and evaluating those risks at Union level. The Commission shall update that report every 4 years thereafter. The Commission may update parts of the report more frequently, if appropriate. Where, while updating its report, the Commission identifies new risks, it may recommend to Member States to consider updating their national risk assessments, or to carry out sectoral risk assessments, pursuant to Article 8 in order to assess those risks. The report referred to in the first subparagraph shall be made public, except for those parts which contain classified information. 3. The report referred to in paragraph 1 shall cover at least the following: (a) the areas and sectors of the internal market that are exposed to money laundering and terrorist financing risks; (b) the nature and level of the risks associated with each area and sector; (c) the most widespread means used to launder illicit proceeds, including, where available, those particularly used in transactions between Member States and third countries, independently of the identification of a third country pursuant to Section 2 of Chapter III of Regulation (EU) 2024/1624; (d) an assessment of the risks of money laundering and terrorist financing associated with legal persons and legal arrangements, including the exposure to risks deriving from foreign legal persons and foreign legal arrangements; (e) the risks of non-implementation and evasion of targeted financial sanctions. 4. The Commission shall make recommendations to Member States on the measures suitable for addressing the identified risks. In the event that Member States decide not to apply any of the recommendations in their national AML/CFT regimes, they shall notify the Commission thereof and provide a detailed justification stating their reasons for such a decision. 5. By 10 July 2030 and every 2 years thereafter, AMLA, in accordance with Article 55 of Regulation (EU) 2024/1620, shall issue an opinion addressed to the Commission on the risks of money laundering and terrorist financing affecting the Union. AMLA may issue opinions or updates of its previous opinions more frequently, where it deems it appropriate to do so. The opinions issued by AMLA shall be made public, except for those parts which contain classified information. 6. In conducting the assessment referred to in paragraph 1, the Commission shall organise the work at Union level, shall take into account the opinions referred to in paragraph 5 and shall involve Member States’ experts in the area of AML/CFT, representatives from national supervisory authorities and FIUs, AMLA and other Union level bodies, and, where appropriate, other relevant stakeholders. 7. Within 2 years of the adoption of the report referred to in paragraph 2, and every 4 years thereafter, the Commission shall submit a report to the European Parliament and to the Council on the actions taken based on the findings of that report.