Compliance Week reported on the European Commission’s recently unveiled plans to “set up agency specifically aimed at tackling the regions spiraling problems with money laundering”. A notable part of the agency’s focus would be on sharing data and enhancing cooperation among FIUs to better detect illicit cross-border flows of dirty money.
FRA Director Sarah Wrigley shared her insight on the likely impact of the new AML Authority (AMLA) on the EU’s progress in this area.
Sarah said that she welcomed the creation of the new regulator, noting that the implementation of the EU’s succession of AML directives has not been consistent across the bloc. She added that “A single supervisory authority could help in establishing an effective anti-money laundering regime by eliminating country-level inconsistencies that may be exploited by criminal actors… Criminals operate without borders, and one of the biggest challenges for those fighting financial crime is the legal restrictions on information sharing, in particular across borders. The proposed mandate for AMLA to enhance cooperation between FIUs would be a great step forward.”