Main results - Economic and Financial Affairs Council

02 October 2018

The Council discussed anti-money laundering supervision and reached political agreement on three VAT proposals: VAT rates for e-publications, a generalised reverse charge mechanism and a package of VAT quick fixes.

The Commission presented its proposal to strengthen the role of the European Banking Authority (EBA) in supervising EU financial institutions, so as to better address money laundering and terrorist financing threats.

Ministers stressed the importance of proper implementation of EU rules on anti-money laundering and enhancing cooperation between anti-money laundering and prudential supervisors so as to create an efficient monitoring framework. 

The Council also adopted a regulation tightening controls on cash entering or leaving the Union, thereby bringing EU legislation in line with the highest international standards on combating money laundering and terrorism financing.

Indirect taxation 

The Council reached political agreement on three VAT-related proposals:

Electronic publications: Council agrees to allow reduced VAT rates (press release, 02/10/2018)

VAT fraud: Council agrees to allow generalised, temporary reversal of liability (press release, 02/10/2018)

VAT: Council agrees short-term fixes, pending overhaul (press release, 20/10/2018)

The Council also adopted measures to strengthen administrative cooperation in order to tackle more effectively the most widespread forms of cross-border fraud.

Controls on cash entering and leaving the EU: Council adopts regulation (press release, 02/10/2018)

Full press release

Related press releases:

VAT fraud: Council adopts measures to boost administrative cooperation

Taxation: Liechtenstein and Peru meet commitments, Palau removed from list of uncooperative jurisdictions

ECOFIN: Commission welcomes progress achieved on the road to a reformed EU VAT system

Green light for VAT overhaul to simplify system and cut fraud


© European Council