European auditors to scrutinise anti-money laundering supervision

The European Court of Auditors announced on Friday that it will scrutinise the effectiveness of the European anti-money laundering supervision in the banking sector by means of an audit report.

In a statement, German MEP and European Financial and Economic Policy spokesperson Sven Giegold explained that in doing so that the Court will examine the following:

  • Implementation of EU legislation in the Member States
  • Management of risks to the internal market
  • Coordination between national and European supervisory authorities
  • EU action in relation to breaches of European money laundering rules by Member States

Giegold said that the deficiencies and numerous breaches of anti-money laundering rules are now the subjects of a full report by the EU Court of Auditors.

The MEP also said that the work of the auditors could make a significant contribution to the European fight against money laundering.