Voting in favour of strengthening anti-money laundering supervision to tackle cross-border illegal activity

    REUTERS

    I voted in the European Parliament in favour of giving powers to an independent EU agency for anti-money laundering supervision with a single rulebook as a truly effective way to tackle cross-border illegal activities.

    I stress that the prerogatives of such an agency would need to be implemented in the same way everywhere, with equivalent approaches for all credit institutions across Member States. Only a truly impartial EU body could preserve the integrity of the EU financial system.

    The vote was held during a plenary session in the European Parliament that discussed

    Banking Union in the EU, the transfer of responsibility for banking policy from the national to the EU level in Member States, initiated in 2012 as a response to the Eurozone crisis.

    Through a vote on the Banking Union annual report for 2019, the European Parliament is addressing the challenges of the Banking Union: its completion, BREXIT as well as supervision issues, among others.

    It is still early to say, but the current pandemic crisis might highlight the risks posed by its incompletion and the differences in regimes across the EU could create significant vulnerabilities.

    The report also addresses deep running consumer issues. EU citizens are confronted by obscure and unfair commercial practices and the interests of vulnerable groups are frequently ignored. The COVID-19 pandemic could exacerbate such aspects with the reduction of banking services to small clients.