EBF advisor: Roger Kaiser

Publication date: 08 February 2019

Executive summary

Recent alleged cases of money laundering have highlighted the need to improve the efficiency of the Anti-Money Laundering (AML) framework. This notably requires better cooperation and information exchange between supervisors, both cross-border and domestically. Strengthening the role of the European Supervisory Authorities (ESAs) in the field of AML has also become a priority of the EU Institutions. In this context, the ESAs have drafted Guidelines on the cooperation and information exchange for anti-money laundering and counter-terrorist financing supervision purposes (“The AML Colleges Guidelines”). In answer to the public consultation conducted on these draft Guidelines, the EBF, AFME and IIF provided comments.

Where possible, we encourage the ESAs Joint Committee to maximise the use of existing structures which should be run as efficiently as possible. Setting up supervisory colleges has potential to add another layer of complexity for firms and duplicating existing procedures should be avoided in order to ensure seamless cooperation and information exchange between competent authorities. We believe that taking a holistic view on the importance to enhancing cooperation between all sectors will help reduce criminal abuse of the financial system. We look forward to working with the Joint Committee as the Guidelines are developed and implemented across the EU and as it continues to work in a coordinated manner to address the broader issues regarding information sharing on a global basis.

EBF contact:

Roger Kaiser, Senior Policy Adviser Tax & Crime, r.kaiser@ebf.eu, +32 2 508 37 11