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“The consistent and integrated EU-wide supervision and the risk-based approach of the new AML-CFT regulation are steps in the right direction”, said Joseph Delhaye, Chair of ESBG’s Legal and Retail Committee.
“ESBG members are fully committed to continue fighting money laundering and believe that a clear and practical regulation will be key to make these efforts most effective”, he added.
The proposal for an EU-wide anti-money laundering authority, also part of the package, would be an extraordinary opportunity to ensure consistent supervisory practices and a comprehensive view of current and emerging risks. Nevertheless, overlaps with national authorities must be avoided and centralisation should not come at the cost of efficiency.
“ESBG fully supports harmonised guidance, better coordinated implementation and unified supervisory practices on AML-CFT across the EU”, said WSBI-ESBG Managing Director, Peter Simon.
ESBG is looking forward to strengthening the cooperation between supervisors, national Financial Intelligence Units and the private sector on AML-CFT. Particularly, ESBG members would truly value more feedback from authorities and supervisors regarding reporting activities. Close cooperation among all stakeholders is needed to jointly succeed in the fight against money laundering.