Anti-money laundering - reinforcing the supervisory and regulatory framework
On the back of a number of high profile cases and alleged cases of money laundering, this briefing presents current initiatives and actions aiming at reinforcing the anti-money laundering supervisory and regulatory framework in the EU. This briefing first outlines (1) the EU supervisory architecture and the respective roles of European and national authorities in applying anti-money laundering legislation that have been further specified in the 5th AML Directive and (2) ways that have been proposed to further improve the anti-money laundering supervisory and regulatory frameworks, including the 12 September 2018 Commission’s communication, the changes to the European Supervisory Authority (ESA) Regulation adopted by the co-legislators on the basis of a Commission proposal and the most recent Commission’s state of play of supervisory and regulatory landscapes on anti-money laundering. Some previous AML cases are presented in Annex. This briefing updates an EGOV briefing originally drafted in April 2018. On a more prospective note, this briefing also presents (3) some possible additional reforms to bring about a more integrated AML supervisory architecture in the EU. In that respect, President-elect U. von der Leyen’s political declaration stresses the need for further action without specifying at this stage possible additional supervisory and regulatory developments: “The complexity and sophistication of our financial system has opened the door to new risks of money laundering and terrorist financing. We need better supervision and a comprehensive policy to prevent loopholes.”
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Keyword
- application of EU law
- bank
- banking supervision
- BUSINESS AND COMPETITION
- business ethics
- business organisation
- Denmark
- directive (EU)
- economic geography
- Estonia
- EU banking union
- EU institutions and European civil service
- Europe
- European Banking Authority
- European Central Bank
- EUROPEAN UNION
- European Union law
- FINANCE
- financial institutions and credit
- financial supervision
- free movement of capital
- GEOGRAPHY
- Latvia
- Malta
- monetary economics
- money laundering
- Netherlands
- operation of the Institutions
- political framework
- political geography
- POLITICS
- supervisory body