The proposal to establish an Anti-Money Laundering Authority (AMLA) aims to improve coordination and information exchange between national Financial Intelligence Units (FIUs), which act as intermediaries between financial entities and law enforcement.
Ahead of the discussion, co-rapporteur Emil Radev (EPP, BG)
said: “AMLA will strengthen the EU’s supervisory framework for
combating money laundering and terrorist financing. To get the best
results, AMLA must have enough time to develop its full potential and
contribute to winning the fight against money laundering and terrorist
financing. Through direct supervision and delineation of the riskiest
cross-border obliged entities in the financial sectors, AMLA will
contribute directly to the Union's fight against dirty money. I believe
that the exchange of information is extremely important and it is
crucial that the FIUs and AMLA work in very good cooperation and
exchange information in order to better combat money laundering and
terrorist financing. To do this, the AMLA must have a strong
coordinating role.”
Co-rapporteur Luis Garicano (Renew, ES)
added: “The EU's hands-off approach towards dirty money has only
yielded scandals. The time has come to crackdown on it. Europe must be
bolder than ever if it wants to put an end to its complicity towards
illicit finance. The EU´s new Anti-Money Laundering Authority represents
one such opportunity. With it, the EU can put a stop to the economic
nationalism that has fuelled this seemingly endless cycle of
laundromats. Some Member States have been engaged in a race for the
bottom, looking the other way in order to accommodate the easy (but
dirty) money. They know AMLA will not.
This comes at a time of particular need
for Europe. A strong AMLA is the best tool to ensure Putin´s oligarchs
pay for their complicity in Russia´s war of aggression. By establishing
an EU-wide supervisor that is able to leverage the latest financial
intelligence, we are taking the economic war to the next level.
Sanctions can only work if they are enforced. AMLA´s contribution will
pay dividends here.”
Parliament
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