do-me/EUR-LEX huggingface dataset:
European Monetary Institute Consultation under Article 109f(6) of the Treaty on European Union and Article 5.3 of the Statute of the EMI regarding a draft Act of exchange offices (CON/94/2)
Date: 1994-03-16
Institutions: European Monetary Institute
Subjects: Netherlands, central bank, exchange transaction, financial stability, financial supervision, money laundering

Basle, 16th March 1994

EUROPEAN MONETARY INSTITUTE

THE PRESIDENT

Our ref: CON/94/2

Mr. W. Kok
Minister of Finance
Korte Voorhout 7
Postbus 20201
NL-2500 EE 's Gravenhage
The Netherlands

Dear Minister,

Re: Consultation under Article 109f(6) of the Treaty on European Union and  Article 5.3 of the

Statute of the EMI regarding a draft Act of exchange offices

I  write  with  reference  to  your  letter  dated  16th  February  1994  regarding  an  Act  which  is

currently being drafted in respect of the activities of exchange offices.

As far as the competence of the EMI to deal with this consultation is concerned, I consider

that this is established under Article 1, section  1,  second  indent,  of  Council  Decision  93/717/EC  by  the

fact that the draft Act attributes a new supervisory task to De Nederlandsche Bank in combination with

the  fact  that  the  aim  of  the  draft  Act  -  protecting  the  integrity  of  the  financial  markets  and,  more

particularly,  discouraging  money  laundering  -  is  covered  by  the  "stability  of  the  financial  markets"  as

mentioned in the same Article in the fifth indent.

With regard to the content of the draft Act, it does not give rise to any issues which, from

the  EMI's  point  of  view,  should  be  brought  to  your  attention.  The  EMI  recognises  that  the  draft  Act

contributes  to  a  development  to  which  the  Community  attaches  importance:  discouraging  money

laundering  (see  also  Directive  91/308/EEC  on  the  prevention  of  the  use  of  the  financial  system  for  the

purpose  of  money 

laundering).  The  attribution  of 

the  supervision  of  exchange  offices 

to

De Nederlandsche Bank is in line with practice in at least some Member States and does not infringe the

Treaty  on  European  Union  or  its  underlying  principles.  Finally,  the  elaboration  of  the  supervision  of

exchange offices as contained in the draft Act does not give rise to any issues which should be addressed

here.

TELEPHONE: 061-280 80 80

TELEX: 962 487

TEMPORARY POSTAL ADDRESS: CH-4002 BASLE (CENTRALBAHNPLATZ 2)

TELEFAX: 061-280 91 00

061-280 81 00

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Please note that the EMI does not have any objections towards this note being made public,

in particular to other parties involved in the legislative process.

Yours sincerely,

[signed]

A. Lamfalussy