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Issue 21 | March 2013

Anti-Money Laundering: Stronger rules to respond to new threats

The Commission has adopted two proposals to reinforce the EU’s existing rules on anti-money laundering and fund transfers. The threats associated with money laundering and terrorist financing are constantly evolving, which requires regular updates of the rules.


"The Union is at the forefront of international efforts to combat the laundering of the proceeds of crime. Flows of dirty money can damage the stability and reputation of the financial sector, while terrorism shakes the very foundations of our society. In addition to the criminal law approach, a preventive effort via the financial system can help to stop money-laundering. Our aim is to propose clear rules that reinforce the vigilance by banks, lawyers, accountants and all other professional concerned."

Latest news »« TOP
Revised rules on capital requirements for banks: Commissioner Barnier’s remarks during the press conference at the European Parliament

"It is my belief that we now have all the elements for an agreement on this text, which is essential for the financial stability of Europe (…) The new rules will force banks to hold more, and better capital. This will make them more able to weather economic shocks and crises".

  Remarks by Commissioner Barnier
 
Structured dialogue at the Committee on Internal Market and Consumer Protection

"I know your concern is the same as mine: the relaunch of the single market at the service of citizens and businesses. The single market is our platform of common economic life, our greatest asset to face the crisis." Speech by Commissioner Barnier to the Committee on Internal Market and Consumer Protection (IMCO) of the European Parliament.

  Read the Speechfr

Internal Market Scoreboard: a record-breaking 15th anniversary edition!

Despite the challenging times, Member States have performed better than ever in transposing EU rules into national law on time according to the European Commission's Internal Market Scoreboard published today. "This is the best result ever" said Commissioner Barnier.

  More information
 
Single European Patent: a major achievement but there is still some way to go

"After almost 40 years of discussions, we are finally set to provide Europe with a unitary patent for the 25 participating Member States. However, (...) we will be able to celebrate only when the first single European Patent has been issued." Speech by Commissioner Barnier at the conference on the European Unitary Patent.

  Read the Speech

Interbank interest rate benchmarks: Statement by Commissioner Barnier

"Interbank interest rate benchmarks are systemic benchmarks which are important for the transmission of the euro area’s monetary policy. (...) Any failures may cause losses for investors, distort the real economy and undermine market confidence. (...) The Commission is aiming to present its proposal on benchmarks in the second quarter of 2013 and I expect that proposal to include the power to impose mandatory submissions for systemic benchmarks such as Euribor."

  Read the Statement
 
Derivatives: Statement by Commissioner Barnier on the technical standards to implement the new rules

"I take note of the fact that the European Parliament has decided not to object to our proposed technical standards to implement our new rules on derivatives. (...) This means that the standards can now enter into force around mid-March."

  Read the Statement
Visits and Missions »« TOP
Commissioner Barnier, Rome – 7–8 February 2013

The Commissioner's visit to Rome had two dimensions - the Franco-German reconciliation and the continuation of close dialogue with the Italian authorities. The Commissioner was invited to speak at the Gregorian University on the lessons that can be drawn from the reconciliation between France and Germany after three devastating conflicts. The Commissioner emphasised the importance of continually reinventing this relationship, taking into account new challenges faced by Europe and formulating common responses related to the 25 other members of the Union. On this occasion, Commissioner Barnier had an audience with Pope Benedict XVI. Finally, he met with the Italian authorities, in particular the Minister of Finance and the Governor of the Central Bank, concerning the European regulatory agenda and more specifically the proposed banking union.

 
Commissioner Barnier, Munich – 2 February 2013

Commissioner Barnier was invited to present the progress of the Defence Task Force set up to the European Commission at the Munich Security Conference. Commenting on the future of European defence, the Commissioner called for a strengthening of pooling and sharing and explained the importance of the forthcoming debates to prepare for the European Council in December 2013 which will be devoted to the revival of the Common Security and Defence Policy (CSDP).

Consultations »« TOP
  31.01.2013  -  30.04.2013RetailGreen Paper on unfair trading practices in the business-to-business food and non-food supply chain in Europe

  14.01.2013  -  16.04.2013Company LawPublic consultation on the cross-border transfers of registered offices of companies

  11.12.2012  -  08.03.2013Intellectual Property Public consultation on the protection of business and research know-how

  30.11.2012  -  30.03.2013Intellectual property rightsCivil enforcement of intellectual property rights: public consultation on the efficiency of proceedings and accessibility of measures

News from the Parliament »« TOP
Strasbourg plenary week

No updates available this month.

See also:
  Website: IMCO (Internal Market Committee)
  Website ECON (Economic and Monetary Affairs Committee)

For your diary »Latest publications »Question of the Month »
  15 March 2013
Fighting money laundering and terrorist financing: new framework, future challenges

Single Market News
Nº64 (2012 – II)



20 Years of the European Single Market


Your Europe, Your Rights


Single Market Act I & II – Implementation


Do you think the European Commission is doing enough to combat financial crime?

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Results from the last month:
Do you think further regulation of credit rating agencies is necessary?
YES - 77.6%
NO - 22.4%

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