Anti-money laundering is on the agenda of the Economic and Financial Affairs Council (ECOFIN) of 5 December 2019:
Conclusions on strategic priorities on anti-money laundering and countering the financing of terrorism > +/- 12.10 webcast
In a press release the theme is explained as follows:
The Council is expected to adopt conclusions on anti-money laundering and countering the financing of terrorism. The aim is to guide the Commission’s future work in this area, in particular to:
• consider ways to harmonise anti-money laundering rules
• enhance anti-money laundering supervision across the EU
After many institutions, like the ECB, asking for a Anti-Money Laundering Regulation (AMLR) and for more harmonisation on anti-money laundering (AML), it is to be expected ECOFIN will take the decision to prepare AMLR and more harmonisation.
Harmful one-size-fits-all approach
It means that the one-size-fits-all approach of AML that is already doing much harm on national level, will cause even more problems when standardized concepts will used in all jurisdictions. To my opinion Europe should concentrate on the basics, like adequate trade registers in all EU-countries, instead of going further on inadequate AML-concepts that hurt people and SME’s.
- Press release of the Council; webcast during the meeting.
- Europe’s finance chiefs to call for anti-money laundering agency, Businesstimes.com.
- Anti-money laundering and combating the financing of terrorism – recent initiatives and the role of the ECB, ECB.
- On this blog: Dutch banking organisation promotes one-size-fits-all legislation in AML, 25 November 2019, European Commission announces Anti-Money Laundering Regulation, 31 July 2019. All posts on AMLR on this blog.
Addition 6 December 2019
Read this post on the ECOFIN conclusions.