The international context
The European and national provisions on the prevention of money laundering and terrorist financing are based to a significant extent on the “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 reports about individual country inspections may be found on the FATF website). 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 Austrian Financial Market Authority FMA regularly participates in meetings of this group.
On the level of the European Supervisory Authorities, as a result of the “ESAs Review” the competences of the European Banking Authority (EBA) were extended in the field of prevention of money laundering and terrorist financing. EBA has now taken over the remits of the other European Supervisory Authorities (“European Securities and Markets Authority” (ESMA) and “European Insurance and Occupational Pensions Authority” (EIOPA)) regarding the prevention of money laundering and terrorist financing. A standing committee was established within the EBA, in which high level representatives of the of the respective competent national supervisory authorities meet regularly (“Standing Committee on anti-money laundering and countering terrorist financing” (AMLSC). This committee among other duties 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 and 5th Anti Money Laundering Directive (see also the EBA Website). The FMA is represented in this committee.