Work on the EU Council's strategic priorities in the fight against money laundering continues. The Finnish Presidency of the Council of the EU has begun to formalise, in draft conclusions, the main points of consensus that emerged from the discussions between the European Finance Ministers at the Ecofin Council on 10 October (see EUROPE 12346/3).
A draft of the conclusions of the Finnish Presidency of the EU Council, dated 23 October, of which EUROPE has had a copy, recognises in particular that further work is needed to identify areas in which the level of harmonisation achieved by the current legal framework could be extended. It further emphasises that potential reforms should be developed, taking into account the role of the various authorities and bodies involved in the fight against money laundering.
It should be noted that the draft text invites the Commission to consider the possibility of conferring certain supervisory responsibilities and powers on an EU body with “an independent governance structure, direct supervision and decision-making powers vis-à-vis, at a minimum, cross-border financial groups operating in more than one EU Member State”.
It also asks the Commission to examine the advantages and disadvantages of extending the scope of European anti-money laundering rules to the non-financial sector, as well as to examine whether certain aspects of the existing framework could be better addressed by a Regulation than by a Directive.
The Commission is also invited to examine possible options and to consult Member States on the creation of a coordination and support mechanism for the cross-border work of financial intelligence units.
However, this is only the beginning of the reflections. The text still needs to be discussed, both at technical and political level, and needs to be refined. The adoption of the Council conclusions is scheduled for December. (Original version in French by Marion Fontana)