MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports

The civil liberties and economic affairs committees discussed the plan to establish an EU Authority for tackling the issues of money laundering and terrorist financing.

The proposal for the establishment of the Anti-money laundering Authority (AMLA) aims to enhance the cooperation and exchange of information between the Financial Intelligence Units (FIUs). This will act as the intermediate between financial entities and law enforcement.

The AMLA is a step towards the elimination of money laundering and all the illicit attempts of terrorist financing that will contribute to the supervision of finances across different industries and sectors. The economic affairs committee discussed the plans, on which the co-rapporteur, Emil Radev (EPP, BC) said: 

“AMLA will strengthen the EU’s supervisory framework for combating money laundering and terrorist financing. To get the best results, AMLA must have enough time to develop its full potential and contribute to winning the fight against money laundering and terrorist financing. Through direct supervision and delineation of the riskiest cross-border obliged entities in the financial sectors, AMLA will contribute directly to the Union’s fight against dirty money. I believe that the exchange of information is extremely important and it is crucial that the FIUs and AMLA work in very good cooperation and exchange information in order to better combat money laundering and terrorist financing. To do this, the AMLA must have a strong coordinating role.”

Another co-rapporteur Luis Garicano added to the statement that the approach being used by the EU as a security measure towards the attempts of money laundering has only yielded new scandals. Now is the time to repress all the gateways in Europe. The EU’s new AMLA represents the opportunity to monitor the cross-border entities and put an end to the economic nationalism which is fuelling the endless cycle of money laundering. He further added that some members of the have accommodated the dirty money which comes easily and have been engaged in the race for the bottom. 

“This comes at a time of particular need for Europe. A strong AMLA is the best tool to ensure Putin´s oligarchs pay for their complicity in Russia´s war of aggression. By establishing an EU-wide supervisor that is able to leverage the latest financial intelligence, we are taking the economic war to the next level. Sanctions can only work if they are enforced. AMLA´s contribution will pay dividends here.”

Suggested read: EU Proposes New AML Agency For Addressing Money Laundering