The European Banking Federation, committed to an effective fight against money-laundering in Europe, is greatly encouraged by the Communication presented today by the European Commission to move towards a stronger EU-wide approach to fight dirty money.
The European Commission Action Plan aims to enhance the efficiency of the EU Anti-Money Laundering (AML) framework and shows a political momentum for true action. The EBF appreciates the planned regulatory harmonisation, flexible and risk- and principle-based. Another progressive step is seen in the convergence of EU AML supervisory powers.
A smarter AML framework means moving away from tick-the-box exercises and approach AML/CFT with an intelligence-led approach. The EBF highly regards the EU’s focus on cooperation and information sharing, especially where it concerns the need for close coordination with and between financial intelligence units (FIUs).
Says Wim Mijs, Chief Executive Officer of the European Banking Federation:
“EU authorities today show their willingness to fight crime on the front line together with our banks, which cannot act alone as gatekeepers. Being smarter only works when done together. The existing rules are disproportionate and inflexible, nor do they provide the necessary tools. We need an approach that is based on the actual crime-risk, not one that is based on a different interpretation of rules across the EU member states. That is why we will gladly support this new approach and call for this to be swiftly implemented.”
The EBF in March presented its recommendations for an improved EU approach to fighting money laundering. The EBF recommendation is based on four pillars. First, HARMONISE the EU AML framework and strengthen its risk-based nature. Secondly, EMPOWER EU/EEA-wide supervision and law enforcement by strengthening institutional architecture. Thirdly Enable all parties to effectively COOPERATE and share information. And finally, BE SMARTER by leveraging new tools and technologies that can enhance the due diligence process.
Click here for the EBF’s AML Blueprint
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