Following the publication of the European Commission’s proposal today to further strengthen the supervision of EU financial institutions, S&Ds called for additional resources to allow them to better fulfil their tasks. S&D MEPs welcomed the intention of the proposal to tackle money laundering and disrupt the financing of terrorist groups, but highlighted the need to fill the gaps in the EU supervisory framework.

 

 

“We welcome the proposal of the European Commission to amend the Regulation establishing the European Banking Authority (EBA) with a view to enhancing its role in anti-money laundering across borders. Recent cases in the banking sector have revealed gaps in the EU supervisory framework which puts in question the effectiveness of the EU and national authorities. We cannot allow this to happen! Billions of euros are laundered every year, also due to differences in national approaches. The integrity and stability of the EU’s financial system is at stake.

 

“The EU needs tougher tools in case of a breach of Union law and stronger rules on financial transparency and to dissuade and combat criminal behaviour. Strengthening the role of the European Supervisory Authorities is essential for combatting money laundering in the EU. Yet, an enhanced role cannot exist only on paper. Enhanced convergence of powers and additional resources are indispensable, if we want to have serious supervision in the EU that is also able to anticipate and counter future risks.”

 

 

“The European Commission’s proposal is moving in the right direction. It comes at a time when it is most needed as recent scandals with various banks across Europe show. We finally need a serious effort to combat money laundering and the financing of terrorism. We need to shed a light on the transactions of these banking institutions and establish rules that makes a continuation of such practices impossible.

 

“To this end, it is important that coordination and cooperation tools to enhance exchange of information in anti-money laundering supervision and investigations be established. We, Socialists and Democrats, have been at the forefront of the battle against financial crime. We will continue to fight for a swift adoption on the package on stronger anti-money laundering supervision and by adopting the reform of the ESAs.”