Austrian authorities in charge of supervising the trade sector for the prevention of money laundering and terrorism financing are moving forward with concrete action planning, after having identified key issues faced in the current system of supervision at regional and local level, and possible solutions to address them.  

In the previous steps of this process, the Council of Europe conducted an in-depth analysis of the existing framework for anti-money laundering and countering terrorist financing (AML/CFT) supervision by regional states (Länder) of higher risk obliged entities under the Trade Act – namely real estate agents, high value good dealers, business consultants and insurance brokers. This analysis, and related recommendations for improving risk-based AML/CFT supervision of these sectors of obliged entities in Austria, were informed by thorough consultations with regional and local supervisors, federal authorities and economic Chambers, and discussed at a dedicated workshop in Vienna in April 2024. 

On 14 June 2024, the TSI project and the Austrian AML/CFT working group for the trade sector, coordinated by the Ministry of Labour and Economy, joined forces in a workshop to start developing an effective Action Plan for improved risk-based AML/CFT supervision of the above-mentioned categories of obliged entities in Austria. The Council of Europe provided expertise and methodological tools to facilitate joint discussion and agreement between different federal and regional authorities towards the prioritisation of issues and proposed solutions, and strategic planning of practical measures to address the deficiencies previously identified. 

Participants included representatives from the Federal Ministry of Labour and Economy (BMAW); the Federal Ministry of Finance (BMF); the Austrian Financial Intelligence Unit (AFIU); Austrian regional (Länder) supervisory authorities and the Economic Chamber of Austria (WKÖ). 

The project also organised a follow-up workshop online on 20 June 2024, providing additional guidance to support the Austrian competent authorities in the process of drafting the Action Plan on the basis of the recommendations previously made, taking into account the results of the working group’s discussions of 14 June in Vienna. 

It is expected that the support provided through this series of activities results in the development, approval and implementation by Austrian authorities of an effective Action Plan to improve their system and practices of risk-based supervision of traders, real estate agents, insurance brokers and business consultants for AML/CFT, and that Austria consequently becomes more effective in mitigating money laundering and terrorism financing risks in these sectors. The project will continue to assist them in this endeavour. 

This support is 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