Brussels, 20 December 2018 - for immediate release
EFAMA welcomes the agreement reached in the Council on enhanced EBA powers in order to reinforce consistent implementation of the EU AML legislative framework and monitoring of the risks posed to the financial sector by money laundering activities.
EFAMA is particularly pleased with the Council’s acknowledgement that sector specificities need to be duly considered. We fully welcome and support the Council’s suggestion to require the prior consent of ESMA for any decision affecting financial market participants falling within its mandate.
As seen in recent AML cases, money-laundering risks are high in the banking space. An enhanced role for a better resourced EBA is therefore justified. That said, the scope of EU AML legislation goes well beyond the activities of credit institutions and captures other financial services activities as well. It is thus important to ensure that future EU AML supervision work takes full account of the specificities of the various sectors in scope and that the relevant expertise is made available to that end.
EFAMA’s Director General Tanguy van de Werve comments: "The agreement in the Council is a step in the right direction as it should lead to the specific characteristics of the asset management sector being properly accounted for. We urge the European Parliament to take a similar stance. An even more joined-up approach is required from the ESAs however. We call for further enhancing the role of ESMA and EIOPA in all the steps of the decision-making process, from the early consultation with market participants to the adoption of the final decisions, as well as in the assessment of vulnerabilities, monitoring of market developments and coordination of the national competent authorities’ actions."