Financial Crime World

NETHERLANDS FACES CHALLENGE OF CROSS-BORDER FINANCIAL CRIME AS BANKING ASSOCIATION CALLS FOR EU-WIDE SOLUTIONS

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Amsterdam - Dutch Banking Association Outlines 15 Key Action Points to Strengthen Fight Against Money Laundering and Terrorist Financing in Europe

In a bid to tackle the increasing threat of cross-border financial crime, the Dutch Banking Association has outlined 15 key action points that it believes are necessary to strengthen the fight against money laundering and terrorist financing in Europe. The association’s call for action comes as several European banks have been implicated in recent money-laundering scandals, highlighting the need for a fundamental rethink of how financial crime is tackled at an EU level.

The Challenge of Cross-Border Financial Crime

Financial crime is a cross-border problem that requires cross-border solutions, both within the EU and globally. According to the banking association, the sector faces a major challenge in tackling this issue effectively.

15 Key Action Points for Strengthening the Fight Against Money Laundering and Terrorist Financing

The Dutch Banking Association has outlined the following 15 key action points to strengthen the fight against money laundering and terrorist financing in Europe:

  • Turn the majority of the EU Anti-Money Laundering (AML) Directives into an EU Regulation
  • Limit national discretions in that regulation to a bare minimum
  • Ensure harmonized access to data by obligated entities throughout the EU

Europeanize Supervision and Enforcement

  • Create an independent EU AML supervisor, which would directly supervise the EU’s most risky obligated entities
  • Establish an EU-wide Financial Intelligence Unit (FIU) to help overcome challenges related to international cooperation and build expertise on cross-border crime

Encourage Better Execution through Facilitating Cooperation between Gatekeepers

  • Investigate the potential for the European Public Prosecutor’s Office to prosecute financial crime with an EU dimension
  • Stimulate public-public cooperation agreements between stakeholders involved in fighting financial crime