The European Commission is following up on one of the actions laid out in President Juncker’s State of the Union proposal to strengthen anti-money laundering supervision. The European Central Bank and national authorities supervising financial institutions’ compliance with EU anti-money laundering obligations, in close cooperation with the European Commission and the European Supervisory Authorities, have reached an agreement on the new cooperation mechanism.
The agreement clarifies the actions that need to be taken when a weak link is discovered in the system and how exactly information will be exchanged, so that cooperation in the fight against money laundering takes place in an efficient and timely way.
Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union, said: "Today Europe reaches another milestone in implementing our agenda to enhance money laundering supervision. Bank supervisors and anti-money laundering supervisors must work hand in hand to give no chance to money laundering in Europe."
Vĕra Jourová, Commissioner for Justice, Gender Equality and Consumers added: “The EU has strong anti-money laundering rules, which are then applied by national anti-money laundering authorities. Money and criminals know no borders, so we need the authorities and European supervisors to react in a coordinated way. This agreement is a clear signal of this improved cooperation.”
The agreement contains detailed rules on what type of information should be exchanged, under which conditions, and what confidentiality and data protection safeguards will apply to protect citizens’ and companies’ financial data. This deliverable was also highlighted as a priority in the Action Plan adopted in the ECOFIN Council of 4 December 2018, and is a requirement of the 5th Anti-Money Laundering Directive which must be fully operational across the EU by January 2020.
More information on the fight against anti-money laundering can be found online.