Watch and shiver how Europe will create a harmonized anti-money laundering (AML) regime that is harming citizens even more than the current system. Read the news alert by the European Commission of 28 September, announcing a conference that takes place tomorrow:
Anti-Money Laundering online conference
Dirty money infiltrating financial systems is a threat to financial stability and to the safety of our citizens. Just before summer, the EU Commission published an action plan on AML. Recent [FinCEN] revelations in the media have made this topic even more urgent.
The EU Commission is hosting an online conference about Closing the door on dirty money on 30 September at 14:00 (CET).
Among a great list of speakers, we will have Nicola Gratteri, Chief Prosecutor of Catanzo, and François Molins, General Prosecutor at the French Court of Cassation.
More info, including the link to the streaming when it goes live, can be found on the conference page.
You can post your questions using the hashtag #StopDirtyMoneyEU.
In the meantime citizens suffer under AML-bureaucracy:
En ondertussen wordt het klootjesvolk gek van de checks en rechecks in name of antiwitwas en antifraude.
— Helma (@ArtheosNL) September 28, 2020
Read this twitter thread by AML-expert Lelieveldt who explains the real history of AML and how critics are silenced in the name of the good cause:
A thread on FINCEN files and why I think we can throw the whole money laundering laws/cult in the garbage can.
This has to do with types of law.
1- contract law between entities (to civil courts)
2- administrative law (fin supervision, gov. court)
3- penal law (to jail).
— Simon Lelieveldt (@finhstamsterdam) September 26, 2020
Addition 18 November 2020
The process in the direction of harmonization is continuing. Read the main results of the Video conference of economics and finance ministers, 4 November 2020. On AML:
Anti-money laundering and terrorism financing
Ministers discussed the Council conclusions on anti-money laundering and terrorism financing, which aim to provide the Commission with guidance in advance of its legislative proposals in 2021 on a single rule book, EU-level supervision and a coordination and support mechanism for member states’ financial intelligence units.
During the discussion, ministers expressed broad support for the draft Council conclusions as prepared by Coreper and at expert level.
In the draft conclusions, the Council outlines various areas in which the Commission should consider harmonising the EU rules via a directly applicable regulation. The Council also supports setting up an EU-level supervisor with direct supervisory powers over a selected number of high-risk obliged entities, as well as the authority to take over supervision from a national supervisor in clearly defined and exceptional situations.
Olaf Scholz, Germany’s Federal Minister of Finance and Vice Chancellor
The fight against money laundering and terrorism financing is a top priority for the German presidency. Recent alleged money laundering cases, including in the EU, underline the urgency to act. More harmonised rules and EU-level supervision will allow us to be more effective and to strengthen the EU’s anti-money laundering framework. It is an important sign that we all stand united for tough anti-money laundering measures.
— Olaf Scholz, Germany’s Federal Minister of Finance and Vice Chancellor
Following the video conference, the Council approved the conclusions by written procedure on 5 November 2020.
Reminder: Data Protection requirements must go hand in hand with the prevention of money laundering and terrorism financing (EDPS 17 July 2020).