EU ministers agree to set up EU anti money laundering body
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European Union finance ministers agreed on Tuesday to set up an EU body that would fight money laundering across the 27-nation bloc, supporting a European Commission proposal from May.
The Council of Finance ministers also gave their backing for the Commission to harmonise EU anti-money laundering rules and provide coordination and support for national Financial Intelligence Units of EU countries.
The Commission is to present legal proposals to turn that agreement into reality in the first quarter of next year.
“The Council supports setting up an EU-level supervisor with direct supervisory powers over a selected number of high-risk obliged entities, as well as the authority to take over supervision from a national supervisor in clearly defined and exceptional situations,” the ministers said in a statement.
Olaf Scholz, German Finance Minister and Vice Ccancellor said that “the fight against money laundering and terrorism financing is a top priority for the German presidency. Recent alleged money laundering cases, including in the EU, underline the urgency to act. More harmonised rules and EU-level supervision will allow us to be more effective and to strengthen the EU’s anti-money laundering framework. It is an important sign that we all stand united for tough anti-money laundering measures.”
