Latest news with #MariaLuisAlbuquerque
Time of India
29-07-2025
- Business
- Time of India
Villain of 2008 crisis gets new life in Europe's push for growth
In the wake of the 2008 financial crisis, the role of villain partly fell on securitization, turning it into a long-term pariah in Europe. Since then, the market of packaging different loans into products to sell to investors has weakened, made so costly by post-crisis rules that outstanding debt has almost halved from the 2009 peak of €2.3 trillion ($2.7 trillion). Explore courses from Top Institutes in Please select course: Select a Course Category Public Policy Finance Healthcare Data Science CXO Digital Marketing Data Analytics Degree MBA PGDM Cybersecurity Operations Management Others Technology Design Thinking Management MCA Leadership Data Science others Artificial Intelligence Skills you'll gain: Duration: 12 Months IIM Calcutta Executive Programme in Public Policy and Management Starts on undefined Get Details Skills you'll gain: Economics for Public Policy Making Quantitative Techniques Public & Project Finance Law, Health & Urban Development Policy Duration: 12 Months IIM Kozhikode Professional Certificate Programme in Public Policy Management Starts on Mar 3, 2024 Get Details Now, it's being cast as a potential hero for a troubled Europe facing trade tariffs, increased defense spending needs and bloated budget deficits. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas Prices In Dubai Might Be More Affordable Than You Think Villas In Dubai | Search Ads Get Quote 'Europe needs growth — and growth needs investment,' the European Union's finance chief, Maria Luis Albuquerque, told Bloomberg. 'To mobilize capital at scale, we must use every tool available.' The pitch is cheaper funding for lenders, which could cut borrowing costs for industry and consumers, broader investment opportunities for insurers, as well as more income for advisors and traders who'll keep the market flowing once it takes off. Live Events Loss of Trust It's a tough sell in some quarters. The market for pooling loans boomed before the 2008 financial crisis, but alongside that came a sharp drop in quality control. When the house of cards came down, the results were massive losses, economic turmoil and a collapse of trust in the system. In June, the European Commission unveiled proposals to make it cheaper for banks to issue securitizations, both in terms of the cost to balance sheets and the paperwork involved. It's also looking at easing regulations for insurers who want to invest. Europe hasn't set out any market growth targets for its reforms, but some investors have predicted trillions of euros of investment could be unlocked. 'With better rules, we can make Europe's securitization market a driver of prosperity — not complexity,' Albuquerque said last week. Bloomberg Slow Progress The Brussels finance lobbying community – and their bosses in London, Paris, Frankfurt and New York – went into 2025 with high hopes of an imminent watershed moment, several industry insiders and officials told Bloomberg News. But despite the commission's push, the redemption story has further to go. Securitization still needs to win over politicians and navigate a complex path to legislation. That means many months of intense lobbying and horse-trading. 'We're really just firing the starting gun,' said Shaun Baddeley, managing director of securitization at finance lobby group AFME. 'A lot can change between the commission's proposal and the end game.' Markus Ferber, a European Parliament member for Germany attached to the center-right European People's Party, says some lawmakers, particularly on the left, remain skeptical of the asset class. 'The file will be quite controversial in the parliament,' he said. 'That will certainly make finding a compromise difficult, so I doubt it will be a swift procedure.' Aurore Lalucq, chair of the parliament's Economic and Monetary Affairs Committee, who sits with the Progressive Alliance of Socialists and Democrats group, has already voiced her opposition. Better Finance, which represents private investors and savers, has also come out against it, saying it's a 'gamble on financial stability.' Finance Push For the finance industry, securitization is just one element in a wider push to get Brussels to loosen the reins, arguments that are amplified by complaints about US banks having an unfair advantage because of EU regulation. While the European securitizations market declined sharply after the financial crisis, the US market grew from $11.3 trillion in 2008 to $13.7 trillion at the end of 2023. Banks want it 'to reduce their balance sheet, and capital charges,' said Karel Lannoo, head of European policy think tank CEPS. He added that the industry is less enthusiastic about aspects of the EU's capital markets push which could curtail inducements or limit fees. Industry insiders and watchers agree that the commission package is by far the EU's meatiest attempt to address structural issues in the market. And reports of impending changes for insurers are also seen as broadly positive. But there's disappointment too about what some see as missed opportunities. Banks are concerned the measures don't do enough to incentivize them to hold other lenders' securitizations on their balance sheets, something they must do in their role as market makers who buy and sell securities, ensuring liquidity. AFME, which represents a wider cross section of finance, has criticized several aspects of the plans, including 'disproportionate penalties' for investors who fall foul of due diligence requirements. While lobbyists will be pushing for improvements, regulatory opposition may pull things in the opposite direction. Insurance Money Insurers are seen as a critical source of demand for securitizations, since they have the financial firepower to buy big. Their overseer, EIOPA, remains skeptical about any reforms that would cut the capital requirements for insurers holding the asset class. Patrick Hoedjes, head of EIOPA's Policy and Supervisory Convergence Department, told Europe's finance committee last month that the regulator would have a 'strong concern' about any attempts to change requirements. Another question is whether insurers even want the assets. An EIOPA official told Bloomberg News insurers would be more keen to buy assets with longer duration, to match their liabilities. Linking securitization to Europe's economic revival will be critical to the Brussels debate. The idea that insurers may not even want to buy the assets, and that other initiatives are more important, will make the zero-to-hero narrative harder to sell. Some policy makers argue the true status is somewhere in between. 'Securitization is not a silver bullet, but it can play a role in supporting Europe's economic development,' said Verena Ross, chair of Europe's markets supervisor ESMA. 'When used appropriately and maintaining a focus on investor protection, it can help to share risk between banks and other actors in the capital markets.'
Morocco World
10-07-2025
- Business
- Morocco World
Terrorism Financing: EU Parliament Confirms Algeria's Inclusion on List of High-Risk Countries
Rabat – The European Parliament validated Algeria's inclusion on the list of high-risk countries regarding terrorism financing and money laundering. A statement from the European Commission announced today that it has updated its list of high-risk jurisdictions, with a group of countries included in the list, such as Algeria, Angola, Cote d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela. 'The updated list takes into account the work of the Financial Action Task Force (FATF) and in particular its list of ' j urisdictions under Increased Monitoring,'' the commission said, noting that the FATF is closely involved in monitoring the progress of the listed jurisdictions. The statement quoted Commissioner for Financial Services Maria Luis Albuquerque, who stressed the importance of identifying and listing high-risk jurisdictions, which remains a crucial tool to safeguard the integrity of the EU's financial system. 'Following a thorough technical assessment and after listening carefully to the concerns expressed around its last proposal, the Commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF,' she said. Laurence Trochu, a member of the European parliament, also celebrated Algeria's addition to the list of high-risk countries regarding money laundering and terrorism financing. 'Good news!' she wrote on X. In June, the commission amended the list of high-risk jurisdictions, adding Algeria to the list. It announced the update on June 10, noting that the inclusion takes into account the risk assessment by FATFS. The inclusion comes as many international observers, MPs, and politicians increasingly call on the international community to designate Polisario, a separatist group that Algeria's regime finances, hosts, and arms, as a terrorist group. Republican Congressman Joe Wilson officially submitted a bipartisan bill to the US Congress to designate the Polisario Front as a foreign terrorist group. The bill directly points to the separatist group's maneuvers undermining the region's security, including its involvement in extensive arms and drug trafficking activities throughout the Sahel region, deliberate violations of established ceasefire agreements with Morocco, and calculated attacks targeting Moroccan civilians in Saharan border territories. Despite the growing appeal, Algeria continues its unwavering support for the Polisario Front. In April, an Algerian political analyst said the Algerian regime continues to supply the Polisario Front with military equipment, including its involvement in terrorist acts like interference in the domestic affairs of countries like Syria and Morocco. Reports recently indicated that the Algerian regime had delivered four Fajr-54 combat drones to the Polisario Front. The separatist group launched a series of terror acts against Morocco's southern province of Es-Semara, expanding threats towards other regions. In May, members of the separatist group issued threats to deter foreign investment in Morocco's southern provinces 'Let the Sahrawi stay away from foreigners and not come telling us they're civilians or innocent. This is not a tourism context, but a wartime context,' said Mustapha Sidi Ali El Bachir, a member of the Polisario Front leadership. Tags: Algeria and polisarioEU Accuses Algeria and Polisario
Euronews
01-07-2025
- Business
- Euronews
MEPs clash with the EU Commission over anti-money laundering blacklist
MEPs are still at odds with the EU Commission over its list of third-country jurisdictions deemed insufficient in their anti-money laundering and countering the financing of terrorism regimes. The EU's 'blacklist' hasn't aligned with that of the Financial Action Task Force (FATF)—the global watchdog on money laundering and terrorist financing—for over a year and a half. According to EU Commissioner for Financial Services, Maria Luis Albuquerque, this misalignment has created 'significant irritants with international partners'. 'If we are perceived as not respecting the outcomes of the process, this risks undermining our ability in the future to influence technical assessments and secure the commitments we would like to see from other jurisdictions,' argued Albuquerque during a committee meeting in the European Parliament on Monday. Earlier this month, the Commission updated its list, adding countries such as Algeria, Angola, Kenya, Monaco, and Venezuela. Meanwhile, several jurisdictions—including Barbados, Gibraltar, Panama, and the United Arab Emirates—were removed. However, this list cannot enter into force without the scrutiny and assent of both the European Parliament and the Council – and the Commission has not yet convinced MEPs to support it. In a resolution adopted in April 2024, MEPs opposed the Commission's decision to delist Gibraltar, United Arab Emirates (UAE), and Panama, citing compelling evidence that these jurisdictions have failed to take sufficient steps to address—or even actively facilitate—the circumvention of sanctions against Russia. These sanctions include targeted financial measures imposed in response to Russia's war of aggression against Ukraine. Parliament has concerns delisted countries may circumvent Russia sanctions 'Those countries may act as platforms for circumvention of sanctions for Union entities, directly or indirectly, thus undermining the Union's efforts in stopping the Russian war machine,' the resolution stated. Speaking to a half-empty room at the EU Parliament in Brussels, from which political groups such as Renew Europe, the European Sovereign Nations (ESN) and The Left were absent, Albuquerque argued that their concerns had been addressed and that these jurisdictions had made "tangible progress". Those present publicly aired their frustration with the process. 'It doesn't seem to me that the possibility to engage in dialogue with the European Parliament was utilized to the extent that corresponds to very strong involvement of the Parliament in this matter,' MEP Luděk Niedermayer (European People's Party/Czechia) said. The Commissioner herself expressed her concerns about the current impasse. 'The fact that countries listed by the FATF are still not listed by the EU exposes the EU's financial system to vulnerabilities and can create loopholes that need to be addressed,' she said. The Portuguese Commissioner also pointed out that the absence of an updated European list causes confusion and legal uncertainty for entities that must apply anti-money laundering rules. 'EU operators have to comply with divergent lists which increase their compliance burden, adds additional costs and impacts their global competitiveness,' Albuquerque added. Yet neither the diplomatic argument over negotiations with the UAE nor the concerns over reputational and economic risks shielded the Commissioner from a combative exchange with MEPs. Among the most vocal critics was German Socialist Birgit Sippel, who accused the Commission of merely replicating FATF assessments. 'I have the impression that more or less the Commission is simply copy-pasting the reports and decisions from the FATF, and to be honest, simply mentioning visits and strategic dialogues are not that much convincing,' Sippel said. The Commissioner countered that the blacklist was the product of over a year of 'intense work', based not only on FATF findings but also on bilateral dialogues and on-site visits to the third countries concerned.
Daily Tribune
11-06-2025
- Business
- Daily Tribune
EU removes UAE from ‘high-risk' money-laundering list, adds Monaco
The EU yesterday announced the removal of the United Arab Emirates from its money-laundering 'high-risk' list but added Monaco alongside nine other jurisdictions. The European Commission said it added Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela, along with Monaco, to the list of countries subject to extra monitoring of their money laundering controls. In addition to the UAE, it removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda. The moves come after a money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal. The Financial Action Task Force (FATF), a Paris-based organisation that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing, compiles a 'grey list' of nations that are subject to increased monitoring of financial transactions. Monaco has been included on the FATF list since mid-2024, along with EU member states Bulgaria and Croatia. 'The commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF,' the EU's commissioner for financial services, Maria Luis Albuquerque, said. The EU list will now be scrutinised by the European Parliament and member states and will enter into force within one month if there are no objections, the commission said. In a statement, Monaco's government said it had 'taken note of this expected update, which would lead to Monaco being placed on the EU's list, unless the European Parliament or the Council of the EU decides otherwise'. It also stressed its commitment to take the necessary steps to be removed from the FATF's grey list 'in the short term'.
The Sun
11-06-2025
- Business
- The Sun
EU removes UAE from ‘high-risk' money-laundering list, adds Monaco
BRUSSELS: The EU on Tuesday announced the removal of the United Arab Emirates from its money-laundering 'high-risk' list but added Monaco alongside nine other jurisdictions. The European Commission said it added Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela, along with Monaco, to the list of countries subject to extra monitoring of their money laundering controls. In addition to the UAE, it removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda. The moves come after a money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal. The Financial Action Task Force (FATF), a Paris-based organisation that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing, compiles a 'grey list' of nations that are subject to increased monitoring of financial transactions. Monaco has been included on the FATF list since mid-2024, along with EU member states Bulgaria and Croatia. 'The commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF,' the EU's commissioner for financial services, Maria Luis Albuquerque, said. The EU list will now be scrutinised by the European Parliament and member states and will enter into force within one month if there are no objections, the commission said. In a statement, Monaco's government said it had 'taken note of this expected update, which would lead to Monaco being placed on the EU's list, unless the European Parliament or the Council of the EU decides otherwise'. It also stressed its commitment to take the necessary steps to be removed from the FATF's grey list 'in the short term'.
