Nordic and Baltic financial supervisors enhance cooperation to fight money laundering
Heads of the Nordic and Baltic financial supervisors met today in Stockholm. They agreed on measures to enhance the cooperation between the authorities with the aim of fighting money laundering and terrorist financing.
“Closer cross-border cooperation between supervision authorities plays a key role in strengthening anti-money laundering capacities across the region,” said Vytautas Valvonis, Director of the Supervision Service at the Bank of Lithuania.
As the first step in this process, the existing model for cross-border cooperation on anti-money laundering supervision will be strengthened. The authorities agreed on the following at the meeting:
- A permanent working group will be established with representatives from each country's financial supervisory authority: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The group will maintain regular contact and exchange experiences and information with the goal of being more effective in the prevention of money laundering. Going forward, anti-money laundering supervision will be more coordinated in the Nordic-Baltic region.
- A Memorandum of Understanding (MoU) will be jointly drafted to formalise the continued, long-term cooperation.