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Whistleblower-System

The international context

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The European and national provisions on the prevention of money laundering and terrorist financing are based to a significant extent on the so-called “40 recommendations” drawn up by the Financial Action Task Force (FATF). The Financial Action Task Force is an independent international working group based in the “Organization for Economic Cooperation and Development” (OECD). It develops standards for the protection of the global financial system against money laundering, terrorist financing as well as the financing of the proliferation of weapons of mass destruction. The Financial Action Task Force conducts regular country inspections in relation to compliance with standards by the Member States. The FMA is a member of the Austrian delegation to the Financial Action Task Force. This delegation is led by the Federal Ministry of Finance (BMF).

On a European level, the Expert Group on Money Laundering and Terrorist Financing (EGMLTF) has been established. It is based at the European Commission, and is principally responsible for coordination of the Member States as well as the providing expert advice to the European Commission. The FMA regularly participates in meetings of this group.

On a European Supervisory Authorities level, namely the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) the the European Insurance and Occupational Pensions Authority (EIOPA) there is also a joint working group, the Subcommittee on Anti Money Laundering (AMLC). This coordinates the work performed by the national supervisory authorities in the area of the prevention of money laundering and terrorist financing. Furthermore, this committee is responsible for the drawing up of Regulatory Technical Standards (RTS) as well as Guidelines in accordance with the 4th Money Laundering Directive. The FMA is represented in this committee.