As part of the technical assistance delivered to the Austrian authorities to strengthen their framework for anti-money laundering/combatting the financing of terrorism (AML/CFT), in line with EU and international requirements, the Project organised a two-day workshop in Vienna to present and discuss the findings and recommendations emanating from an in-depth review of the existing legislative and administrative framework for risk-based AML/CFT supervision of higher risk obliged entities falling within the remit of the Austrian Länder (states) under the Trade Act 1994 (namely traders, real estate agents, insurance intermediaries and company service providers). 

The in-depth framework review conducted by the Project, and proposed findings and recommendations for an enhanced risk-based approach to AML/CFT supervision of the concerned private sectors entities, are reflected in a comprehensive draft Technical Paper that was shared with the Austrian authorities prior to the workshop. The Paper resulted from a long data collection and analysis process, which involved series of online consultations, sharing and thorough review of existing documentation and the responses to a detailed questionnaire by all Länder competent authorities, relevant federal institutions as well as Chambers of Commerce and professional associations. 

The workshop served to validate the findings of the paper, as well as provided a platform for stakeholders to discuss jointly the practical application of recommendations and possible steps to enhance the Austrian AML/CFT supervisory system, taking into account its federal context, currently existing tools and capacities, international standards and good practices.      

Hosted in the premises of the Austrian Ministry of Labour and Economic Affairs (BMAW), the event gathered representatives of the relevant Austrian AML/CFT supervisory authorities and Economic Chambers. This included the BMAW, the Ministry of Finance, the Financial Intelligence Unit (FIU), AML/CFT supervisors of traders, real estate agents, insurance brokers and business consultants from the nine Austrian Länder and some of their local districts, and representatives of these supervised professions and businesses from the federal and several regional Economic Chambers. 

Practitioners and experts coming from other countries including Germany, Spain and Canada also participated in the discussions and shared their respective countries’ experience on risk-based AML/CFT supervision in the relevant sectors. This international dimension of the event provided the Austrian stakeholders with a wider perspective on current standards, practices and ongoing reforms at European and international level, and further stimulated their own forward-looking reflection on how to improve the effectiveness of the Austrian AML/CFT supervisory system in the mentioned sectors of concern.  

Following this workshop, the Technical Paper will be updated and finalised, taking into account the feedback from the Austrian authorities, and the Project team will work closely with them to discuss how to further proceed with the inclusion and prioritisation of the proposed recommendations in a concrete Action Plan and practical follow-up actions. 

This support is being provided within the framework of the Technical Support Instrument (TSI) project on “Regional and local authorities – Enhancing Quality of public administration and cooperation, Prevention of money laundering and terrorist financing”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in cooperation with the European Commission – DG REFORM.