Finance ministers discuss development funding and money laundering
The EU economic and financial affairs ministers met in Luxembourg on 10 October. One of the main items on the agenda was establishment of a European bank for climate and development. The meeting was chaired by Finland’s Minister of Finance Mika Lintilä.
In April this year, the Council set up a Wise Persons’ Group to assess the need to reform the European financial architecture for development. The group proposes establishing a European bank for climate and development. The group also proposes that the EU take immediate steps to improve the functioning of the current system.
The ministers discussed these proposals on the basis of a presentation by the chair of the Wise Persons’ Group.
Fighting money laundering and terrorist financing is one of the priorities of Finland’s Presidency
In December 2018, the Council adopted conclusions on an action plan to step up the fight against money laundering and terrorist financing. The ministers discussed progress made in implementing the action plan and explored future strategic priorities.
Tackling corruption, trafficking, tax evasion or terrorism means tackling the illegal money flows that finance these activities. As crime becomes increasingly cross-border, the EU needs to further harmonise its legislation to protect its citizens and the integrity of its financial system.
– Minister of Finance Mika Lintilä
In addition, the ministers exchanged views on methods by which the European Commission can identify high-risk third countries.
Other topics at the finance ministers’ meeting included the following:
- European Semester
- capital markets union
- annual report of the European Court of Auditors on the implementation of the 2018 budget.