In the media

25 June 2020

Quandary over future European supervisor, stakeholders give their opinions

This article has been published by Agence Europe.  It is about our 10 June ‘EU’s fight against financial crime: Diving into the Anti-Money Laundering Action plan’ online webinar organised by Accountancy Europe, in cooperation with the European Contact Group and Transparency International.

Full article here:

A European anti-money laundering supervisor, yes — but which one? This is the question that several stakeholders tried to answer on Wednesday 10 June during an online event organised by Accountancy Europe, in cooperation with the European Contact Group and Transparency International.

In its action plan to strengthen the fight against money laundering presented at the beginning of May (see EUROPE B12482A8), the European Commission confirmed its intention to present proposals to set up a European supervisor in the first quarter of 2021, while remaining vague about its nature and functions.

According to Sébastien de Brouwer of the European Banking Federation, the “European Banking Authority (EBA) could and should certainly play a role”, subject to certain changes.

Today, it looks more like a network of regulators” than a European money laundering watchdog, he admitted, also pointing out its lack of resources.

Therefore, in his view, other solutions will have to be found, be it to increase the EBA’s resources, to strengthen its competences, or to focus on another authority. In this respect, some in the banking sector have called for the European Central Bank (ECB) to take on this role, he said, although the ECB seems to be refusing to do so.

In any case, before taking a decision, the Commission will first have to decide whether it wants an authority that supervises only banks or a broader range of entities, he pointed out.

According to Angela Foyle of Accountancy Europe, a set of criteria could be developed, for example, to determine which entities pose a risk to the EU in terms of money laundering and, therefore, which entities should be subject to such supervision.

For her part, Maira Martini, an expert at Transparency International, argued for the establishment of a new independent body with direct supervisory powers that could also sanction Member States in the event of an infringement.

For more, please read here

Source: Agence Europe 

Related content

EventEarly Warning Europe SME summit

30 September 2021

EventAnti-Money Laundering

17 June 2021

EventNon-Financial Reporting Directive

11 May 2021

EventFrom risks to resilience: benefits of intellectual property for your business

4 May 2021

EventWorking Together for the planet: Audit & Assurance of sustainability Information

29 April 2021

NewsIn-depth: what is at stake in EU plans for sustainable corporate governance?

9 April 2021

NewsUnpuzzling the Sustainability Reporting Alphabet Soup

29 March 2021

EventIFAC PAO digital readiness assessment tool

25 March 2021

NewsFraud and going concern: Restoring public trust in the financial reporting ecosystem

24 March 2021

EventBridging expectations: what NFI from SMEs?

18 March 2021

EventSustainable corporate governance: future role for audit committees

17 March 2021

NewsVAT Talks: digitalisation, accountants’ role and the growing importance of tax

2 March 2021

EventIntellectual Property for SMEs: What role for accountants?

24 February 2021

NewsReflections for the profession with respect to the disclosure and reporting of non-financial information

19 January 2021

Consultation responseEC’s Supra National Risk Assessment (SNRA) report

16 December 2020

NewsSupporting SMEs’ access to COVID support funding via professional advice

4 December 2020

EventSmall in size, big in impact: Can NFI work for SMEs?

19 November 2020

Podcast Accountants & the fight against financial crime (Part 2)

2 October 2020

Podcast The EU & the fight against financial crime (Part 1)

18 September 2020

Consultation responseEC’s consultation on AML action plan

16 July 2020

Sign up for our newsletter

* indicates required
Would you like to subscribe to our newsletter?
On which topics would you like to receive news?