REPORT: EU EFFORTS TO FIGHT MONEY LAUNDERING IN THE BANKING SECTOR ARE FRAGMENTED AND IMPLEMENTATION IS INSUFFICIENT

The EU’s European Court of Auditors has issued this report which found “institutional fragmentation” and poor co-ordination at EU level when it came to actions AML/CFT and take action where risk was identified. In practice, supervision still takes place at national level with an insufficient EU oversight framework to ensure a level playing field.  It found that the Commission was slow to assess Member States’ transposition of Directives due to poor-quality communication by Member States and limited resources at the Commission.  The quality of material shared by the supervisory authorities also varied considerably due to national practices, and the European Banking Association is said to be developing updated guidance.  It makes a number of recommendations for the EU Commission, EBA and the European Central Bank.

https://www.eca.europa.eu/Lists/ECADocuments/SR21_13/SR_AML_EN.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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