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European System of Financial Supervision (ESFS) – Amended proposal to fight money laundering

Key points:


  • appreciates the agility with which the European Commission is responding to the money laundering problems;
  • thinks that, in addition to strengthening the coordination between supervisory authorities and streamlining procedures, operations should also be coordinated with other relevant parties;
  • underlines the increasing importance of this problem in relation to third countries;
  • finds that it is preferable to move in stages so as to avoid significant disruptions to the stability and functioning of the existing system;
  • stresses the importance of internal and external communication on money laundering and financing of terrorism:
  • internal communications: improving and protecting information streams between the supervisory bodies concerned;
  • external communication: the public in question should be provided with information and made aware of the different ways this kind of crime may be presented, as a means of preventing and preparing for it;
  • would like to see a more detailed outline of the new relationships between the European Banking Authority (EBA) and the other EU supervisory authorities, as well as the national and, especially, third-country supervisory authorities.