Europe to create a central anti-money laundering taskforce
The European Commission (EC) has launched a public consultation into setting up an EU-wide policy to prevent money laundering and terrorist financing across the bloc.
The "bold action plan" from the EC, announced on Thursday, sets out to ensure a "unified and comprehensive EU-wide policy" to better combat money laundering and illegal financing.
The EC said it is launching a public consultation on the matter, which will be open until 29 July 2020.
Mares & Mares, a law firm specializing in financial crime, said the action plan conosists of six stages:
- The efficient implementation of the existing rules;
- A single regulatory framework at EU level;
- A centralized surveillance system at EU level;
- A support and cooperation mechanism for the Financial Intelligence Units (FIU - in Romania, ONPCSB for this role);
- Increased access to information for the application of white collar crime legislation;
- A stronger Union in the global context, fully aligned with the standards established by the Financial Action Task Force (FATF).
Chris Ives, a senior manager in the Business Intelligence and Investigations practice of Kroll, a division of Duff & Phelps, commented on the EC's plans, saying: "The Commission's new plans are a long time coming. Regulators, central banks, financial intelligence units, prosecutors, financial institutions and the private sector all have a crucial role to play in the fight against money laundering. Public-private partnerships are key to stakeholders working together to effectively tackle the problem. While we welcome the move, only time will tell as to how the Commission will encourage and ensure cooperation across countries and sectors."
Mihai Mareș, a founding partner of Mares & Mares. said: "EU authorities also considered the idea that the European Banking Authority (EBA), which oversees national anti-money laundering systems in the banking area, could have this role as a central supervisory body."
Mares added, "I share the opinion that it would be more effective if the new supervisory body was distinct from the EBA and thus benefit from a high degree of independence, as well as from a flexible management structure."
Subscribe to International Investment's free, twice-daily, newsletter
by Tanya at http://www.ifacareers.today
Daniel van Niekerk
Welcome to Prestige IFA Jobs, the premier international wealth management recruitment service. Since our establishment in 2016, we have earned a reputation as the go-to choice for discerning international wealth management and investment advisory firms around the world. At Prestige IFA Jobs, we redefine the art of headhunting in our industry. We stand unrivaled, leading the way with our unique approach and unmatched expertise. No one does what we do quite like us. Our commitment goes beyond simply matching a qualified candidate with a good IFA firm. We believe in finding the perfect synergy between candidate and company. With our extensive background in personal financial advisory across multiple countries, we take the time to deeply understand our candidates and our clients. So, when things go wrong, don't go wrong with them...because the successful warrior is the average man, but with laser focus.
