This article has been published by Agence Europe.  It is about our 10 June ‘EU’s fight against financial crime: Diving into the Anti-Money Laundering Action plan’ online webinar organised by Accountancy Europe, in cooperation with the European Contact Group and Transparency International.

Full article here:

A European anti-money laundering supervisor, yes — but which one? This is the question that several stakeholders tried to answer on Wednesday 10 June during an online event organised by Accountancy Europe, in cooperation with the European Contact Group and Transparency International.

In its action plan to strengthen the fight against money laundering presented at the beginning of May (see EUROPE B12482A8), the European Commission confirmed its intention to present proposals to set up a European supervisor in the first quarter of 2021, while remaining vague about its nature and functions.

According to Sébastien de Brouwer of the European Banking Federation, the “European Banking Authority (EBA) could and should certainly play a role”, subject to certain changes.

“Today, it looks more like a network of regulators” than a European money laundering watchdog, he admitted, also pointing out its lack of resources.

Therefore, in his view, other solutions will have to be found, be it to increase the EBA’s resources, to strengthen its competences, or to focus on another authority. In this respect, some in the banking sector have called for the European Central Bank (ECB) to take on this role, he said, although the ECB seems to be refusing to do so.

In any case, before taking a decision, the Commission will first have to decide whether it wants an authority that supervises only banks or a broader range of entities, he pointed out.

According to Angela Foyle of Accountancy Europe, a set of criteria could be developed, for example, to determine which entities pose a risk to the EU in terms of money laundering and, therefore, which entities should be subject to such supervision.

For her part, Maira Martini, an expert at Transparency International, argued for the establishment of a new independent body with direct supervisory powers that could also sanction Member States in the event of an infringement.

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Source: Agence Europe