Anti-Money Laundering Package in LIBE/ECON meeting (European Parliament)

On Tuesday 22 March (16.15 – 18.45) the new Anti-Money Laundering Package on the agenda is on the agenda of the Committee on Civil Liberties, Justice and Home Affairs (LIBE) and the Committee for Economic Affairs (ECON) of the European Parliament.

According to the press release of today the program is as follows:

The new Anti-Money Laundering Package. 16.15 – 18.45.

Opening remarks by ECON Chair Irene Tinagli (S&D, IT) and LIBE Chair Juan Fernando Lòpez Aguilar (S&D, ES).

• Presentations by Marcus Pleyer (President of the Financial Action Task Force), Guillaume Valette-Valla, (Head of Financial Intelligence Unit France – TRACFIN), Ilze Znotina (Head of Financial Intelligence Unit Latvia), Che Sidanius (Global Head of Financial Crime & Industry Affairs, Refinitiv), Margarete von Galen (former President, Council of Bars and Law Societies of Europe – CCBE), Roland Papp (Senior Policy Officer – illicit financial flows, Transparency International). Followed by a discussion with MEPs.

See the full agenda and more information here.

You can follow the hearing in the Parliament’s Multimedia Center here.

Dark shadows of AML/CFT
Hopefully the representative of the Council of Bars and Law Societies of Europe (CCBE) is able to inform the two committees on the negative aspects of current anti-money laundering legislation and the risks of violating fundamental rights of European citizens, like:

  • Expensive and ineffective bureaucracy.
  • Excessive de-risking by obliged entities, currently already widespread among financial institutions.
  • Data protection risks caused by the excessive gathering of AML/CFT information and sharing it with many unsupervised parties.
  • National security risks and espionage risks as a consequence of too much transparency

Over Ellen Timmer

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