The European Finance Ministers of the EU Member States will discuss, on 10 October in Luxembourg, the Commission's new methodology for drawing up the European list of third countries with anti-money laundering mechanisms that pose a threat to the European financial system (see EUROPE 12193/28).
It will mainly be a presentation by the Commission and an exchange of views, a European source explained. The discussion should not focus on the countries that could be included in the list, but only on the main elements of the new methodology (see EUROPE 12321/1).
In a note prepared for the meeting, the Commission is gathering its arguments to convince the EU Council that, this time, its concerns about the transparency of the process have been taken into account (see EUROPE 12209/12).
In particular, it highlights the new progressive approach it proposes to strengthen engagement with third countries. Thus, it intends first to consult these countries on the preliminary results of its assessment, then to develop country-specific “EU benchmarks” and finally to ask them to commit to specific corrective measures before a list is considered.
Third countries would then be given 12 months to respond to these concerns and would only be included in the list if the country did not fully implement the criteria or commitments. On the other hand, if the courts refuse to cooperate or do not implement the criteria within the agreed deadline, the Commission will automatically include them on the list and also reserves the right to do so in the event of a “predominant risk”.
Member State experts will be consulted at every stage of the process, from the preliminary assessment to the drafting of the delegated regulation, the Commission also assures.
No formal decision is to be expected on 10 October, but if no significant objections from Member States are raised during the discussion, this should pave the way for the Commission to start work on the list of countries itself.
See the document: http://bit.ly/2n1lKRK (Original version in French by Marion Fontana)