On 8 May 2018, EU Commissioners Timmermans, Dombrovskis and Jourova invited the three European Supervisory Authorities (ESAs) and the ECB (Single Supervisory Mechanism) to reflect together on how to improve cooperation between anti-money laundering authorities and banking supervisors. The Joint Working Group, chaired by the Commission, started its work in June 2018.
The Joint Working Group has now presented an interim report which describes the shortcomings in the European framework for money laundering supervision in the financial sector and sets out possible steps for action.
MEP Sven Giegold, financial and economic policy spokesperson of the Greens/EFA group commented:
“The report is proof that money laundering supervision does not work in the banking union. The Commission has no excuse any more to kick the dirty can along the road. It must swiftly propose legislative changes. To combat money laundering effectively, Europe needs a European anti-money laundering authority.
The report is lacking an unsparing analysis of the Member States’ deficits in the fight against money laundering. The money laundering scandals at banks in Malta, Latvia, Estonia, the Netherlands, Germany and Denmark reveal the failure of the national anti-money laundering authorities. The European Anti-Money Laundering Directive does not give the EU Commission any rights to enforce the law directly in the Member States, but the overwhelming evidence should suffice for infringement proceedings.”
The interim report of the Joint Working Group on Money Laundering in the European Financial Sector can be found here: