“EU laws can only be effective if correctly enforced” – Casa

Tista' taqra bil- Malti.

During a discussion about the implementation of anti-money laundering legislation, PN MEP David Casa recalled that the comprehensive EU laws on anti-money laundering that have already been enacted can only be effective if they are correctly enforced.

Today, MEPs of the Economic and Monetary Affairs Committee discussed with the Chair of the European Banking Authority (EBA), José Manuel Campa, and a senior representative of the European Commission, the state of the implementation of anti-money laundering legislation.

“Laws are not worth the paper they are printed on unless they are fairly enforced,” said the newly appointed Questor of the European Parliament, David Casa.

Casa stated that during the last legislature there were many examples of financial entities that went on operating despite their involvement in international corruption and money laundering. He mentioned that in the case of the infamous Pilatus Bank, in Malta such evidence was in the public domain for over a year before the bank’s license was withdrawn.

The MEP insisted that in many cases, action was only taken by national and European authorities after U.S authorities had already identified the problems. Casa believes that the EBA has been granted greater powers to combat money laundering. He added that challenges will inevitably continue to arise when financial entities involved in illicit activity benefit from high-level protection; and that these challenges must be overcome.

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