Latest news with #MariaLuísAlbuquerque
Business Post
5 days ago
- Business
- Business Post
‘A lot more to come': EU financial services chief promises market boost
Business Post subscribers can read: • Why the EU's first move in capital markets reform focuses on securitisation — and what it means for Irish lenders • Why Maria Luís Albuquerque believes in the rule changes • What's next for European savers
Business Insider
13-06-2025
- Business
- Business Insider
5 African countries added to EU money laundering blacklist
Several African countries have recently been added to the European Union's money laundering blacklist as high-risk jurisdictions with inadequate anti-money laundering (AML) and countering the financing of terrorism (CFT) regimes. The EU has updated its blacklist, adding five African countries: Algeria, Angola, Côte d'Ivoire, Kenya, and Namibia. Several jurisdictions, including Uganda and Senegal, have been removed from the blacklist This inclusion necessitates enhanced due diligence measures for EU financial institutions handling transactions with these nations. The European Union has updated its financial blacklist, adding five African countries: Algeria, Angola, Côte d'Ivoire, Kenya, and Namibia to its list of nations with strategic deficiencies in anti-money laundering and counter-terrorism financing systems. The EU list of high-risk jurisdictions now includes 27 jurisdictions. This decision means these countries are now considered high risk jurisdictions, requiring EU financial institutions to apply enhanced due diligence measures when dealing with transactions involving them. The move is part of the EU's broader efforts to protect its financial system from illicit flows and uphold international standards set by the Financial Action Task Force (FATF). The EU money laundering blacklist The European Union maintains a blacklist of countries with significant weaknesses in anti-money laundering (AML) and counter-terrorist financing (CTF) frameworks. Countries on this list face increased scrutiny from EU banks and financial institutions for transactions, aiming to shield the EU's financial system from illicit funds linked to corruption, terrorism, or organized crime. According to the European Commission, its classifications align with the Financial Action Task Force (FATF) commitment to monitor and support jurisdictions in implementing AML/CFT action plans. The Commission regularly updates the high-risk list as per the EU's 4th Anti-Money Laundering Directive. " The identifying and listing of high-risk jurisdictions remains a crucial tool to safeguard the integrity of the EU's financial system," said Commissioner Maria Luís Albuquerque. The latest update will take effect within a month, subject to approval by the European Council and Parliament. Senegal, Uganda exit EU blacklist In its latest announcement, the European Union has removed several jurisdictions from its list of high-risk countries due to significant improvements in their anti-money laundering (AML) frameworks. The jurisdictions de-listed include Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates (UAE). Their removal from the blacklist reflects notable progress in strengthening regulatory and enforcement mechanisms to combat financial crime. Although these jurisdictions have now been delisted, the blacklisting had already impacted investment flows and financial relations with the EU, putting pressure on governments to reform and comply with international financial standards.
Euronews
12-06-2025
- Business
- Euronews
European Commissioner Maria L Albuquerque advocates for investing in savings with risk
The Union of Savings and Investments is "an idea that seeks to create opportunities for people's savings to be invested with a higher return, especially when we think of long-term savings,' she said. 'We will issue a recommendation to the Member States to create a savings and investment account, through which a set of investment options that are simple, low-cost (...) and with tax incentives will be made available so that people feel more drawn to this type of investment." The European Commissioner acknowledges that the alternative to fixed-term deposits is investment in financial products with higher risk, in the medium- and long-term. "We will recommend to the Member States that they create these accounts, in which the products offered are, obviously, suitable to the profile of the retail investor. But yes, investment in the capital market involves risk. There is no capital guarantee." But, if the money is a low-interest deposit, bank customers are losing money due to inflation. "They are, in a way that they do not realise, probably. Because, if we put €1,000 in a deposit, at the end of the period we will receive that €1,000 plus interest. The truth is that with that €1,000, we can buy fewer things. When it is said that money is lost in deposits, it is not losing in terms of euros, but what we can purchase with them. It is, therefore, a loss and a waste of the savings effort," emphasised Maria Luís Albuquerque. Regarding the protectionist positions of some EU governments concerning mergers and acquisitions of foreign banks, as is the case with Portugal, the European Commissioner has a warning. "There are, in fact, very focused protectionist attitudes regarding a national perspective. I have been saying that we need to change our way of thinking and we must understand that being domestic means being European,' she said. 'The Commission, as you know, never comments on specific cases. But, concerning banking issues, we have in place a banking union that already involves all the countries in the euro area, and in which the rules that must be followed for mergers and acquisitions of banking institutions are defined. It is the European Central Bank, the relevant supervisor, and the competition authorities that must pronounce on any specific operation." European companies and banks need to be bigger and gain scale to compete with the US and other regions, argues Maria Luís Albuquerque. "For us to compete with the United States, with China, with the big international blocs, we need the muscle that represents the European Union as a whole and not each of the member states per se.' 'Because none of us is big enough, even the largest, or powerful enough to face that level of competition. Therefore, in that sense, we need companies and banks that are capable of competing with the big global financial institutions to offer more and better services, at more competitive prices," Maria Luís Albuquerque explained. A new study revealed that Denmark, Finland and Sweden are the top three among 16 European countries ranked by their favourability towards women in the workplace and living conditions in 2025. The research from an online gaming company, CasinooftheKings, gathered data from Eurostat, OECD, the International Labour Organisation and the European Institute for Gender Equality to analyse gender-related economic and social indicators across 16 countries. The 10 key indicators include the gender wage gap, bank account ownership and the share of women who are entrepreneurs. Denmark leads the list, with a life score of 83, reflecting smaller gaps in employment and high gender equality. The country offers the longest maternity leave in the ranking, with 18 months, and has a high gender equality index of 0.78. Denmark also has the smallest gender gap in managerial positions, with 27.9%. In second place is Finland, with a life score of 80. The country has more female entrepreneurs than Denmark, at 1.9%, and the smallest employment gap in the ranking, at 1.5%. However, it trails behind in maternal leave availability and the gender wage gap. Sweden ranks third on the list of the best countries for women to work and live in 2025, scoring 79. The country has the widest gender gap in managerial positions in the top 10, with 42.3%, but stands out with a small wage gap of 7.3% and a full year of maternity leave. "The Nordic countries continue to dominate global rankings for gender equality in the workplace, demonstrating that comprehensive social policies can create environments where women thrive professionally," said a spokesperson from CasinooftheKings. "These results highlight how structural supports like parental leave and wage transparency translate to measurable differences in women's lives, providing a blueprint for other nations seeking to improve gender equality." On the other hand, Italy and Greece are at the bottom of the list, with life scores of 52 and 56. Italy has the highest employment gap among all the analysed countries, followed by Greece. Meanwhile, the UK has the smallest percentage of women entrepreneurs, and France has the widest median gender wage gap, at 22.2%.
Arabian Post
12-06-2025
- Business
- Arabian Post
EU's AML Overhaul Sees UAE Delisted, Algeria and Lebanon Added
Arabian Post Staff -Dubai Brussels has moved to recalibrate its anti-money laundering framework with a significant update to its high‑risk third‑country list. The European Commission has put forward a delegated regulation that, pending a one-month scrutiny by the European Parliament and member states, would remove the United Arab Emirates from the bloc's 'high‑risk' list under the Fourth Anti‑Money Laundering Directive. Simultaneously, Algeria and Lebanon—alongside eight others—will be newly classified as jurisdictions with 'strategic deficiencies' in their national AML and counter‑terrorism financing frameworks. The UAE, delisted in tandem with Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda, has undergone a sequence of reforms aimed at strengthening judicial oversight, regulatory compliance, and enforcement against illicit financial flows. Its exit from the FATF's grey list in February 2024 marked the start of a broader crackdown that included the creation of specialised courts for financial crimes and a succession of heavy penalties—most recently, a ₫3.3 million fine imposed by the Central Bank on multiple currency exchange houses for compliance violations. ADVERTISEMENT In Brussels, Commissioner Maria Luís Albuquerque emphasised that the overhaul aligns with global standards and is based on rigorous evaluations involving FATF findings, bilateral dialogues and onsite assessments. The process reflects a broader ambition to shore up the integrity of Europe's financial system by enforcing transparency and curbing illicit financial flows. The inclusion of Algeria, Lebanon, Angola, Côte d'Ivoire, Kenya, Laos, Monaco, Namibia, Nepal and Venezuela signals rising concern about governance standards in these jurisdictions. Algeria's entry follows high-profile anti-corruption prosecutions and its low standing in Transparency International's Corruption Perceptions Index. Lebanon's designation reflects ongoing socioeconomic volatility and persistent finance networks linked to non-state armed actors. Monaco, already on the FATF grey list since mid‑2024, was also added to the EU's high‑risk list despite its recent enhancements to its financial intelligence unit and AML supervisor. The Commission acknowledged its progress while noting unresolved weaknesses. The dynamics surrounding the UAE's delisting, however, are not without controversy. Previously, the European Parliament blocked the move, echoing concerns voiced by Transparency International, citing insufficient progress. Opposition is noted to persist among MEPs, particularly from Spain and its stance on Gibraltar, complicating consensus. From an economic standpoint, the delistings carry tangible incentives. Banks and financial institutions across the EU will scale back enhanced due diligence on transactions linked to the UAE, reducing compliance burdens and speeding up capital flows. Analysts suggest this could enhance foreign investment, signalling confidence in the UAE's reputation as a global financial hub and factoring into ongoing free-trade negotiations with the EU. Despite the acknowledged legislative reforms in the UAE, dissent persists. German Green MEP Rasmus Andresen criticised the move as premature, warning that regulatory gaps remain that could be exploited for illicit financial activities. Commission spokespersons framed the update as technical, decoupled from trade ambitions, though the timing follows the launch of EU–UAE trade negotiations in April. On the other side, proponents speak of a 'reputational course correction' for the UAE, part of a sweeping strategy since 2022 that included legislative overhauls, enforcement operations and judicial mechanisms to reinforce compliance with FATF standards. Should no objections arise during the legislative review, the updated list will come into force in late July. Transaction oversight requirements across EU financial institutions will adjust accordingly, with the UAE reclassified and new protocols applying to the newly added jurisdictions.
CNBC
23-05-2025
- Business
- CNBC
We won't engage in a 'race to the bottom' regarding banking regulation, European Commissioner for financial services says
Maria Luís Albuquerque, European commissioner for financial services and the savings and investments union, discusses the latest developments in the European banking sector and regulation.
