Tomorrow: AML developments discussed in a working group of LIBE | European Parliament

Those interested in finding out what the future surveillance society in Europe will look like, should follow the developments regarding anti-money laundering (AML).
For them tomorrow there is an interesting event, organised by the Democracy, Rule of law and Fundamental rights Monitoring Group (DRFMG) set up by the Civil Liberties Committee (LIBE) of the European Parliament.

According to the press release DRFMG wil host:

  • Kristel SIITAM-NYIRI, European Prosecutor, EPPO
  • Floriana SIPALA, Head of Unit “Organised Crime, Drugs and Corruption”, Directorate-General for Migration and Home Affaires, European Commission
  • Igor NEBYVAEV, Executive Secretary of Moneyval, Council of Europe
  • Carolin GARDNER, acting Head of the Anti Money Laundering Unit, Innovation, Conduct and Consumers Department, European Banking Authority
  • Roland PAPP, Senior Policy Officer – Illicit Financial Flows, Transparency International

In exchange with these ‘experts’ DRFMG intends to take stock of developments in the fight against money laundering, corruption and organised crime. The meeting can be followed live here and takes place 2 December from 10:00 to 11:45.

The missing experts
It is notable that there is no expert on behalf of the victims of the anti-money laundering legislation, for example a representative of the Accidental Americans, who due to FATCA and European AML-legislation can no longer hold a bank account with a European bank when they have not obtained an American tax identification number (more on FATCA here). Or and expert from the nonprofit organisations that are refused by banks.

The dark shadows of AML
Hopefully DRFMG will pay attention to the dark shadows cast by anti-money laundering legislation, as are currently becoming more and more visible in the Netherlands and other EU-countries, like:

  • the discriminatory practices of banks that are refusing basic bank services to people, companies and organisations (‘de-risking‘), and
  • the enormous and ineffective bureaucracy caused by AML / CFT legislation, whereby huge amounts of personal and other confidential data are collected and disseminated, without proper supervision of necessity and (cyber)security.

The fight against money laundering, corruption and organised crime should comply with fundamental legal principles, DRFMG should be aware of that.

We’ll see if the session of tomorrow contains more than the usual AML/CFT marketing.

Over Ellen Timmer, advocaat ondernemingsrecht @Pellicaan

Verbonden aan Pellicaan Advocaten, http://www.pellicaan.nl/, kantoor Rotterdam, telefoon 088-6272287, fax 088-6272280, e-mail ellen.timmer@pellicaan.nl ||| Weblogs: algemeen: https://ellentimmer.com/ || modernisering ondernemingsrecht: http://flexbv.wordpress.com/ ||| Motto: goede bedoelingen rechtvaardigen geen slechte regels
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