In an interview held during a visit to Malta, Andrea Enria, chair of the supervisory board of the European Central Bank, highlighted the risks which money laundering poses to the financial system. Responding to a questions by the Times of Malta, Mr Enria said:
“Money laundering and terrorist financing are significant risks for banks which can ultimately affect not only their viability but also the reputation of their country’s financial system.
For this reason, the European Central Bank, as prudential supervisor, and the national authorities, like the Malta Financial Services Authority, as anti-money laundering (AML) supervisors, have to take money laundering risks extremely seriously.
There needs to be a continuous exchange of information between the ECB and the relevant AML authorities. By further enhancing the respective supervisory frameworks, it will become even more difficult to launder money within the banking union.”