Bruna Szego strengthened Europe's fight against money laundering and terrorism financing.
Macro-Level Impact of Money Laundering:
- Money laundering and terrorism financing undermine economies, societies, and financial systems.
- Estimated 2-5% of global GDP circulates through illicit financial channels annually.
- Europol reports 70% of criminal networks in Europe are involved in money laundering.
AMLA's Role in Strengthening Europe's AML/CFT Framework:
- Harmonized supervision and FIU coordination to close enforcement gaps.
- Ensure uniform application of the AML single rulebook across member states.
- Foster collaboration among EU institutions, national authorities, and international bodies.
- Direct supervision of 40 high-risk financial institutions starting in 2028.
AMLA’s Short-Term Priorities:
- Operational Needs
- Focus on recruitment, IT infrastructure, organizational structure, and internal processes.
- Aim for efficient IT tools to support supervisory and FIU functions.
- Capacity Building
- Establish AMLA's capacity as a supervisor and FIU coordinator.
- Deliver over 40 regulatory products in coming years.
- Collaboration with national authorities for successful implementation.
- European AML Community
- Promote a culture of cooperation within and across member states.
- Address gaps offering exploitation opportunities.
Vision, Collaboration, and Strategic Partnerships:
- Close link between AML and prudential supervision.
- Cooperation with ECB and national prudential supervisors is crucial.
- Importance of the non-financial sector in AML obligations.
Conclusion:
- Challenges include diverging practices, rapid technological change, and building AML system reputation.
- Gratitude expressed to the Polish Presidency for organizing the seminar.
In her closing remarks, Bruna Zsego emphasized the importance of collaboration and stakeholder engagement in advancing AML efforts.
The full text of Bruna Szego's speech is available here.