At this event John Berrigan will be in discussion with Nicolas Veron and an invited-audience on how to create an strategy for countering money-laundering in Europe.
Prompted by pervasive allegations of money laundering by EU-based banks since early 2018, the European Commission has consulted on consulted on comprehensive reform of AML policy and especially the establishment of a strong central AML supervisor, with a legislative proposal expected in early 2021. At this event John Berrigan, Director General of DG FISMA will engage in a discussion with an invited audience on the AML reform options, prospects, and trade-offs.
This is an invitation-only event open only to Bruegel Members and a small number of invitees.
Director-General, European Commission, DG FISMA
In fighting anti-money laundering, the European Commission should act fast toward creating a central supervisory authority.
Combating money laundering in Europe took a momentous step with finance ministers of France, Germany, Italy, Latvia, the Netherlands, and Spain putting forward a joint proposal.
Money laundering scandals at EU banks have become pervasive. The authors here detail the weaknesses the current AML architecture's fundamental weaknesses and propose a new framework.
Proposal for a more efficient fight against money laundering.
In this episode, Bruegel senior fellow Nicolas Véron joins Sean Gibson to discuss the recent Policy Contribution on how to better the European Union anti-money laundering (AML) regime, a paper he has co-written with Joshua Kirschenbaum.
A series of banking scandals in multiple EU countries has underlined the shortcomings of Europe's anti-money laundering regime. The impact of these shortcomings has been further underlined by changing geopolitics and by the new reality of European banking union. The imperative of establishing sound supervisory incentives to fight illicit finance effectively demands a stronger EU-level role in anti-money laundering supervision. The authors here detail their plan for a new European unitary architecture, centred on a new European anti-money laundering authority that would work on the basis of deep relationships with national authorities.
In its bid to join the single currency Bulgaria has made commitments on financial supervision but also wider structural reform which set a precedent for future applicants for participation in the exchange rate mechanism ERMII. Most conditions, though not all, are justified by the additional demands of the banking union. But the envisaged timeline seems ambitious, and verification will not be straightforward.