On 10 October 2023, the TSI project for Austria was launched through a kick-off meeting of its Project Advisory Group, comprising representatives of the Ministry of Labour and Economy, regional supervisory authorities, the European Commission (DG REFORM) and the Council of Europe (Economic Crime and Cooperation Division). 

Stakeholders used this opportunity to discuss recent legislative developments in the country and agree on priorities, project components and certain procedural matters. The representatives of Austrian authorities emphasised the importance of the Project for their country in view of the upcoming Fifth round Financial Action Task Force (FATF) evaluation and implementation requirements of the EU AML/CFT Package.
 
The Project team presented the approach and modalities of project implementation and outlined the different steps of the planned activities within the framework of the Project, taking into account the needs and priorities expressed by the Austrian authorities. 

Stakeholders agreed on the terms of reference for the Project Advisory Group and its composition, as well as on practical arrangements for conducting the first set of Project activities – namely the review of the existing legislative and administrative framework and coordination mechanisms for the risk-based AML/CFT supervision of selected higher risk sectors of obliged entities under the Trade Act within the remit of regional and local competent authorities in Austrian regions (Länder).

This activity was organised 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.