The problem of money laundering

The problem of money laundering

The European Parliament, meeting in plenary, recently debated the situation as regards money laundering. The conclusions drawn from that debate, based on facts and figures, was that neither the Member States nor the Commission were concerned about resolving the problem of money laundering.

On 22 October 2020, Romanian Member of the European Parliament (MEP), Maria Grapini of the Group of the Progressive Alliance of Socialists and Democrats, tabled a written parliamentary question to the European Commission.

“Given that recent anti-money laundering directives have either been poorly transposed or not transposed at all in the Member States”, MEP Grapini asked the Commission “will it bring forward a regulation to eliminate money laundering and set up an EU monitoring body in this field?’ and “can it indicate which countries have not transposed the directives into national law?”

On 08 December, Commissioner Mairead McGuinness, responsible For Financial Services, Financial Stability and Capital Markets Union, responded on behalf of the European Commission. Commissioner McGuinness reported that “the Commission is strongly committed to the fight against money laundering, which is essential to protect the security of our citizens and the integrity of our internal market” and “in this regard, on 7 May 2020 the Commission adopted an ambitious Action Plan for a comprehensive Union policy on preventing money laundering and terrorism financing, with the aim of addressing the fragmented and inconsistent implementation and application of EU anti-money laundering and counter terrorist financing (‘AML/CFT’) rules”.

Commissioner McGuinness underlined that “a key pillar of the action plan is to secure the rigorous and effective implementation of the current AML/CFT framework”. She further clarified that “the Commission’s aim is to present legislative proposals in early 2021” and that “these proposals will include a greater harmonisation of rules on AML/CFT across the EU and the establishment of an EU-level supervisor”.

In closing, Commissioner McGuinness asserted that “the Commission notes that all Member States and the United Kingdom have declared full transposition of AMLD4” and “as regards AMLD5, as of the date of drafting of this reply, 18 Member States and the United Kingdom have declared full transposition; 8 Member States have declared partial transposition; and a sole Member State, is still to notify its transposition measures”. She added that “the Commission closely monitors the transposition of the AMLD and has launched infringement proceedings in case of breach of such obligations by Member States”.


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