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AME meeting in Brussels to discuss future of anti-money laundering in the EU


Schuman Associates hosted yesterday a meeting in Brussels with the private sector representatives, law enforcement and senior policy makers  to discuss the most recent developments in anti-money laundering in the EU and the next steps for the European Commission.

The event follows the meeting of the EU Finance ministers at the Economic and Financial Affairs Council on 5 December 2019. A raft of new measures have been proposed, taking into account the recent high-profile incidents of money laundering and illicit activities that have underlined Europe's weaknesses in the current AML architecture.

The Council adopted conclusions on strategic priorities for anti-money laundering and countering the financing of terrorism. The Council invited the Commission to explore possible further actions, such as an enhanced cooperation between the relevant authorities and bodies involved in anti-money laundering and combating terrorist financing. Moreover, the question has been raised whether some aspects would be better addressed through a regulation, and discussed the possibilities, advantages and disadvantages of conferring certain supervisory responsibilities and powers to an independent EU-level body.

The debate on the creation of this EU-level body that would be tasked to crack down on money laundering activity is ongoing. "It could detail a single AML/CFT rulebook via technical standards and/or guidelines, coordinate its implementation and ensure strict and harmonised AML/CFT supervisory practices in the EU and across Member States, leveraging on the experience and expertise of national supervisors", said Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB.

However, discussions will continue on the new 'independent EU body', what 'powers' and tasks it would have, and what the appropriate governance model would be.

To access to the full content of the article published by Euroactive click here

Anti-Money Laundering Europe (AME) is a Brussels-based interactive public/private sector forum on EU financial crime issues. Established in June 2004, its high-level private and public sector membership engages directly with the EU and international institutions to exchange views and to contribute to policy-making on money laundering, fraud and the financing of terrorism. AME is managed by Schuman Associates, a Brussels-based EU affairs consultancy.

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