As part of the French Presidency of the Council of the European Union, the French Ministry of Economy and Finance organised a conference on Friday 21 January in Paris entitled ‘Protecting Europeans against financial crime and terrorist financing’.
Discussions focused in particular on the future Anti-Money Laundering Authority (AMLA), the creation of which is an integral part of the proposed legislative package in July 2021. This European authority will have the task, from 2023 onwards, of coordinating the actions of the Member States in this area and ensuring the uniform application of European rules (see EUROPE 12817/17).
For participants in a specific panel discussion, the needs are clear: AMLA will require resources and information. It should be proactive and also cover a wide range of actors.
Sylvie Goulard, Deputy Governor of Banque de France, is of the opinion that the AMLA should not only supervise the financial authorities, but also ensure that the free movement of capital does not undermine the rule of law.
“We have to make sure that no one falls through the cracks”, she said.
The former MEP is also fearful that crypto-assets, new payment methods and the arrival of new unconventional players could complicate the agency’s task.
“The option of going beyond the supervision of banks to cover all money laundering actors should be kept in place”, she stressed.
This is an argument shared by Luis Garicano (Renew Europe, Spain), rapporteur of the text in the European Parliament. It is important to avoid the creation of an “already obsolete authority”. For this, the resources allocated – as well as the location chosen for the future authority – are important in order that there is a “talent pool”.
For his part, Eduardo Fernández-Bollo, member of the ECB’s Supervisory Board, insisted on the need for communications between the different national authorities since the credibility of the EU is at stake.
“The AMLA should unify, harmonise and simplify practices and ensure smooth communication between national bodies”, he said.
In sharing his opinion, Luis Garicano explained that he was waiting for an expert's report to ensure that these exchanges of information did not conflict with the ‘GDPR’ regulation governing the protection of personal data.
Pedro Manuel Comín Rodríguez, director of the Spanish anti-money laundering authority (SEPBLAC), has called for synergy between national banking and financial market supervisors and financial intelligence units, as is already the case in Spain. (Original version in French by Anne Damiani)