Finland supports harmonisation of EU anti-money laundering legislation
The Government supports a new EU-level supervisory system to fight money laundering and terrorist financing.
On 20 July, the European Commission adopted a package of legislative proposals aimed at reforming the prevention of money laundering and terrorist financing. The package is based on the action plan on this issue adopted last year.
The Commission aims to
- introduce common EU rules to prevent money laundering and counter terrorist financing
- create an EU-level supervisory system
- establish a support and coordination mechanism for Financial Intelligence Units (FIUs)
- strengthen the international dimension of EU policy.
Further development of regulatory framework needed
The Government supports the Commission's objectives of harmonising and developing EU money laundering rules. The Government considers it important to ensure that the rules comply with EU data protection legislation and respect fundamental and human rights.
An EU-level supervisory system would complement the current system where national authorities monitor compliance with the obligations related to the prevention of money laundering and terrorist financing. A new EU authority would also be tasked with developing cooperation between the national FIUs. In addition, the Commission proposes the development of measures applicable to high-risk third countries.
Government supports a new EU authority
The Government supports the idea of establishing a new EU authority. The authority would be responsible for EU-level supervision. The authority would have direct powers to supervise the most high-risk cross-border financial entities, and would also coordinate the activities of the supervisors of the Member States. In addition, a support and coordination mechanism for FIUs would be established in connection with the authority.
The Government submitted a Union communication to Parliament on the matter on Thursday 9 September. A Union communication is used in EU affairs whenever there is a matter concerning an EU legislative proposal or other proposal that falls within Parliament’s competence.
Juho Keinänen, Senior Specialist, tel. + 358 2955 30556, juho.keinanen(at)vm.fi