The European Banking Authority (EBA) published its response to the European Commission’s Action Plan for a comprehensive Union policy on preventing money laundering and terrorism financing (ML/TF). In its response, the EBA sets out technical points that policy-makers should consider when deciding on the scope and powers of an EU-level supervisor for Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT).
The EBA is of the view that a comprehensive assessment of the current EU AML/CFT framework is necessary to ensure that the EU and its component parts are equipped to tackle ML/TF more effectively and efficiently.
Specifically, the EBA recommends that the Commission:
- harmonise the EU’s legal framework to reduce the risk of gaps created by divergent approaches to incorporating EU AML/CFT law into national law;
- combine an ongoing role for national AML/CFT authorities with an EU-level AML/CFT supervisor in a hub and spoke approach that builds on national AML/CFT authorities’ expertise and resources, and complement this with effective EU-level oversight for a consistent approach with comparable outcomes;
- leverage on the EU’s existing AML/CFT infrastructure, including the EBA’s policy, data and information technology resources as well as the EBA’s European and international supervisory cooperation networks.
The EBA will continue to provide technical input into the debate as it progresses, including on the details of the new supervisory architecture.
The EBA will provide additional technical input through its forthcoming response to the Commission’s separate call for advice in which the EBA is asked to define the scope of application and the enacting terms of a Regulation to be adopted in the field of preventing AML/CFT.
Press release by EBA
Publié le 25 août 2020