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The European Commission (EC) launched a public consultation to establish an EU-level policy to prevent money laundering and terrorist financing across the bloc.
The EC’s “bold action plan”, announced on Thursday, aims to ensure a “unified and comprehensive policy across the EU” to better combat money laundering and illegal financing.
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Valdis Dombrovskis, EU Executive Vice President of the EC, said: “We need to end the dirty money infiltrating our financial system. Today we are further strengthening our defenses to fight money laundering and terrorist financing, with a broad and comprehensive … achieve the action plan. ”
We need to end the dirty money that infiltrates our financial system. Today we are further strengthening our defenses to combat money laundering and terrorist financing, with a comprehensive and far-reaching action plan. ”
The EC said it is launching a public consultation on the matter, which will be open until July 29, 2020.
Mares & Mares, a law firm specializing in financial crime, said the action plan comprises six stages:
- Efficient implementation of existing rules;
- A single regulatory framework at EU level;
- A centralized surveillance system at EU level;
- A support and cooperation mechanism for Financial Intelligence Units (FIU – in Romania, ONPCSB for this role);
- Increased access to information for the enforcement 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, senior manager in the Business Intelligence and Investigations practice at Kroll, a division of Duff & Phelps, commented on the EC’s plans and said: “The new Commission plans have been coming for a long time. Regulators, central banks, financial intelligence units, prosecutors, financial institutions and the private sector have a crucial role to play in the fight against money laundering.Public-private partnerships are key for stakeholders to work together to address the problem effectively. While we welcome the move, only time will tell how the Commission will foster and ensure cooperation between countries and sectors. “
Mihai Mareș, founding partner of Mares & Mares. He 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 view that it would be more effective if the new supervisory body were different from the EBA, and therefore benefited from a high degree of independence as well as a flexible management structure.”
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