Financial Crime World

Title: EU’s Historic Movement Towards a Single Rulebook for Money Laundering: Ireland’s Deputy Central Bank Governor Weighs In

Date: 16th May, 2024

DUBLIN - At the European Anti-Financial Crime Summit today, Ireland’s Deputy Governor of the Central Bank, Derville Rowland, addressed the gathering, expressing her views on the European Union’s (EU) commitment to a single rulebook for Anti-Money Laundering (AML) and the establishment of a new European AML supervisory and financial intelligence coordination authority (AMLA).

AMLA: A Significant Step Forward

Deputy Governor Rowland welcomed the EU’s effort and stated, “We have reached an inflection point in the ongoing endeavor to combat financial crime. The creation of AMLA is a significant step that allows us to address current challenges and future-proof our approach to money laundering prevention.”

Essential Factors for AMLA’s Success

However, she cautioned against complacency and emphasized several essential factors for AMLA’s success:

  1. Clear mandate and adequate powers: AMLA should have a defined role and sufficient authority to enforce regulations.
  2. Strong governance and operational independence: AMLA must ensure transparency and accountability, with the freedom to make decisions in the best interest of financial stability.
  3. Sufficient skills and capabilities to manage risks and vulnerabilities: AMLA should have the expertise and resources to identify and respond to money laundering threats.

A Risk-Based Approach and Adaptability

“For AMLA to realize its full potential, it must employ a risk-based approach and be adaptive, considering the varying approaches across jurisdictions,” Deputy Governor Rowland emphasized. She further highlighted the significance of building relationships with law enforcement agencies and EU institutions to facilitate the exchange of knowledge and best practices.

Embracing the Ever-Evolving Regulatory Landscape

“The ever-evolving legislative landscape necessitates continuous evolution for AMLA. Since the enactment of the first AML Directive in 1991, the regulatory framework has continually evolved, and AMLA will need to ensure that this trend continues,” she added.

Anticipation and Commitment

Deputy Governor Rowland concluded her speech by expressing her anticipation for AMLA’s progress and her commitment to collaborating with the EU in combating money laundering and terrorist financing. “The Central Bank of Ireland stands ready to support AMLA’s mission and contribute to our shared objectives,” she assured.

For a full account of Deputy Governor Rowland’s speech, please visit our website.