The CNUE held an interprofessional webinar on the fight against money laundering on 6 October 2020. This workshop was held within the framework of the 2018-2020 training programme “Europe for Notaires - Notaires for Europe” supported by the European Union.
Some 120 participants took part in the discussions, which were organised around two panels:
- One on “The identification of the beneficial owner in legal persons – challenges and perspectives”.
- The other entitled “What do competent authorities expect from obliged entities? Gaps and ways to improve collaboration”.
Participants included notaries from across Europe, but also representatives of other professions – accountants, lawyers, judges - , the banking sector, supervisory authorities, Interpol and even the European Commission, represented by Ms Raluca Prună, head of the Financial Crime Unit in DG FISMA.
Ms Prună focused on the action plan published on 7 May 2020 and the various initiatives that will be undertaken to strengthen the European framework for the fight against money laundering. In the context of the public consultation organised by the European Commission, Mr Georgios Rouskas, CNUE President, presented in detail the CNUE’s proposals which can be summarised as follows:
- A future European regulation should take into account the following elements in order to remedy the lack of coherence caused by the divergences in the transposition of directives in the Member States:
o the list of taxable entities;
o the tasks of the financial intelligence units;
o reporting obligations;
o registers of central bank accounts;
o the ceiling for large cash payments.
- In view of the differences between Member States concerning the risks of money laundering, certain elements should be regulated by national law. This would allow Member States to find tailor-made solutions using a risk-based approach adapted to their respective national jurisdictions.
- As notaries are already subject to very strict supervision at national level – usually exercised by judicial authorities – the CNUE suggests that this should not be altered by an additional European supervisory authority. A central EU supervisory authority should have direct powers over the financial sector and support Member States by sharing knowledge and experience in order to improve supervision by national authorities.