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Parliamentary questions
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13 June 2018
Answer given by Ms Jourová on behalf of the Commission
Question reference: E-001518/2018

The Commission is closely following the correct transposition of the Fourth Anti-Money Laundering Directive(1) (AMLD) in all EU Member States.

The Latvian national authorities are responsible for effectively enforcing the provisions of the Fourth Anti-Money Laundering Directive including the imposition of sanctions for non-compliance.

The Commission is following developments relating to the case of ABLV Bank. Considering the need to ensure effective banking supervision, the Commission has requested the Latvian authorities to provide it with information on the past, current and any further planned supervision action, sanctions and any judicial or law-enforcement follow-up action concerning ABLV Bank. It also requested the European Banking Authority to investigate and, if appropriate, issue a recommendation or take an individual decision under Article 17 of Regulation (EU) 1093/2010(2).

The failure of a financial institution due to concerns about allegations of money laundering activities underlines the need for strengthened cooperation and information sharing between authorities involved in different aspects of supervision (both AML and prudential), as well as with third country authorities. The Fifth AMLD will remove obstacles to the exchange of information between AML and prudential supervisors, including the European Central Bank.

(1)Directive 2015/849/EU of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
(2)Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC.

Last updated: 14 June 2018Legal notice