Amended proposal for a Regulation amending various Regulations governing the European Supervisory Authorities and the Directive on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing

Author (Corporate)
Series Title
Series Details (2018) 646, 12.9.2018
Publication Date 12/09/2018
Content Type

Summary:

On 12 September 2018 the European Commission presented an amended proposal for a Regulation amending the Regulations governing the three European Supervisory Authorities (ESAs) and various other acts.

Further information:

The original proposal to review the European Supervisory Authorities' Regulations, presented by the Commission on 20 September 2017, intended to strengthen their capacity to ensure convergent and effective financial supervision, but it did not pursue the specific objective of reinforcing the mandate of the Authorities in matters relating to the preventing and combating of money laundering and terrorist financing.

Despite the strengthened legislative framework in this area, several recent cases of money-laundering in European banks have shown that improvements may still be warranted in the Union's supervisory framework to strengthen the confidence in the Banking and Capital Markets Unions. These improvements need to be implemented swiftly and in a determined way. The most efficient way of dealing with this matter is to amend the Review Proposal and strengthen decisively the role of the European Banking Authority in particular.

To this end, it is proposed to give a leading and coordinating role to the European Banking Authority in order to centralise resources currently scattered across the three European Supervisory Authorities and give it a more robust support structure, also given that it is in the banking sector that money laundering and terrorist financing risks are most likely to have systemic impact.

Source Link Link to Main Source https://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2018:646:FIN
Related Links
EUR-Lex: COM(2017)536: Proposal for a Regulation amending various Regulations governing the European Supervisory Authorities and the Directive on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2017:536:FIN
ESO: Communication on reinforcing integrated supervision to strengthen Capital Markets Union and financial integration in a changing environment http://www.europeansources.info/record/communication-on-reinforcing-integrated-supervision-to-strengthen-capital-markets-union-and-financial-integration-in-a-changing-environment/

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