The Presidency of the EU has noted the substantial enhancements to the AML/CFT framework over recent years but has nevertheless expressed concern on:
- differences in interpretation and wide national discretion in framing AML obligations;
- differences in takes and powers of supervisors;
- substantial differences in whether sanctions exist and how they are used;
- lack of clarity in supervision of cross-border activities;
- poor cooperation between supervisors; and
- insufficient co-ordination and support for FIUs
The Presidency wants to see these issues being addressed, and Member States to work on how further to improve harmonisation, supervision and cooperation. The Council is to adopt conclusions on 5 December, and the Presidency wants ministers to consider:
- the most appropriate scope of further reforms – and whether to differentiate between the financial and non-financial sector;
- how should the current ineffectiveness be addressed? Is a Regulation needed?
- would a new EU body solve the problems of inadequate supervision?
- should there be a co-ordination and support mechanism for EU, Member State and Third country FIUs?