As the European Commission is preparing its next steps towards creating a solid EU framework for fighting money launderers, the European Banking Federation today presented its blueprint with recommendations for an effective EU’s Anti-Money Laundering policy, known as AML.

 

The report identifies four priorities that need to be addressed. In concrete terms, the EBF suggests to:

- HARMONISE the EU AML framework and strengthen its risk-based nature;

- EMPOWER EU/EEA-wide supervision and law enforcement by strengthening the institutional architecture;

- Enable all parties to effectively COOPERATE and share information;

- BE SMARTER by leveraging new tools and technologies that can enhance the due diligence process.

Based on these four priorities, the EBF has formulated 20 concrete policy recommendations that are elaborated in the 40-page EBF blueprint ‘Lifting the Curse of Dirty Money’. Click here to access the blueprint.

 

Says Wim Mijs, Chief Executive Officer of the European Banking Federation:

“Combatting financial crime essentially is a real fight against real criminals that make people suffer and undermine our society. We need a European framework that prevents this and that stops crime, instead of continuing the current tick-the-box exercise.”

“Banks really are part of the solution. We need effective cooperation between all actors in the financial ecosystem, both public and private. This means exchanging more information, also across borders, and harmonising the approach at the European level. We also need to be smarter and use new technologies.”

Banks, as financial gatekeepers, are spending billions of euros on compliance, on monitoring transactions and on generating millions of suspicious activity reports. Despite this, criminals know how to exploit the regulatory fragmentation in Europe, letting them still move undetected vast amounts of dirty money across borders.

 

Commuicated by EBF


Publié le 11 mars 2020