HALISTER1: Nouy Says ECB Hasn’t Sought Access to Panama Papers Files

Nouy Says ECB Hasn’t Sought Access to Panama Papers Files

(Bloomberg) -- Monitoring of compliance with anti-money laundering legislation, tax laws is matter for relevant national competent authorities, not European Central Bank’s supervisory arm, ECB Supervisory Chair Daniele Nouy says in response to letter from EU parliamentarian Urban Crespo.
  • ECB reports any suspicions of such acts to relevant member state’s competent authority as and when these arise
  • “Accordingly, the ECB has not sought access to the documentation underlying the International Consortium of Investigative Journalists’ investigation, widely referred to as the ‘Panama Papers’”
    • ECB is committed to cooperating with natl authorities in monitoring developments, taking action where appropriate
  • ECB had identified conduct risk “as one of the key risks for the euro area banking system,” takes evidence of misdeeds into account when taking supervisory measures relating to corresponding risk or governance issues
  • Evidence of money laundering also a factor in ECB’s “fit and proper assessement” of bank managers
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Daniele Nouy (European Central Bank)

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