Valdis Dombrovskis has spoken on financial crime prevention and, in particular on the AML action plan. He is pleased at the support the plan received, and the overwhelming agreement that no action is not an option. They key is in consistent application of the rules throughout the EU, and he noted the numerous infringement proceedings the Commission has already taken, and said it will not hesitate to take more.
He agreed with respondents who said that an EU supervisor should not replace national ones but should work with them, and wants to create a dedicated AML authority with direct supervisory powers over the highest risk entities. He also highlighted the non-financial sector as requiring significantly more supervision than they currently get. This, he says, should be a national responsibility.
In tandem with supervisory efforts, the EU should devise a single rulebook to clarify, strengthen and align AML obligations, which, he says, is essential for cementing EU supervision.